Ryman, Summit and Apple Report Growth
Skift Take
Ryman and Apple Hospitality both reported earnings beats, with Ryman raising its dividend and Apple buying back shares and tightening guidance, while Summit grew results despite hurricanes.
The DJIA rose 427 points while Nasdaq was up 259, the S&P 500 rose 70, and the 10-year treasury yield was down .02 to 4.29%. Lodging stocks were modestly higher. SVC traded down to a new low, but VCSA was up 15%.
Ryman Hospitality Properties reported a 3Q modest EBITDAre and AFFO beat. While they modestly cut 4Q EBITDA and 2024 guidance, they upped their dividend by 4.5% to $1.15 per share for the quarter. Summit Hotel Properties beat estimates but had recently been lowered due to the impact of the hurricanes. INN reported that they sold the 101-room Four Points San Francisco Airport for $17.7 million in late October. Apple Hospitality reported an earnings beat on strong margins. They also tightened guidance which was basically an increase. APLE bought back 1.4 million shares for $19 million, which pretty much shows that anything below $14.50 is being bought by them. APLE has four hotels in the process of being sold for $31.1 million.
Hilt
