Global Hotel Transactions Reach $42 Billion Q3
Skift Take
Global hotel investments are booming, with a 13% RevPAR increase, high cross-border deals, and $42.1B in transactions, driven by strong demand for luxury and select-service hotels.
The DJIA rose 260 points on Friday while Nasdaq was up 17, the S&P 500 rose 22 points and the 10 year treasury yield was down .04 to 4.31%. Lodging stocks had an interesting day. We had new highs set by IHG, WH, PLYA, MAR and TNL. The Sonder Holdings news below was not exactly earth shattering but perhaps investors blamed their now departed CFO for all their problems as the stock surged 62%. AHT was up 21% and BHR rose 9% on the day.
Airbnb reported 3Q results which were mostly in-line but their mixed 4Q guidance did not sit well with the Street, as the stock fell -9% on the day. The 4Q guide was more concerning about margins than revenue as it looks like they are going to ramp up marketing and product development even more.
DiamondRock Hospitality reported a modest 3Q beat while giving slightly higher than expected 4Q AFFO guidance while slightly lowering 4Q
