Global Hotel Transaction Volume Hits $42.1 Billion
Skift Take
Global hotel transactions rose to $42.1 billion in Q3 2024, driven by large deals and robust fundamentals, with further growth expected amid favorable economic conditions.
The DJIA was up 309, Nasdaq rose 254, the S&P 500 was up 37 points and the 10-year treasury yield was down .04 to 4.18%. Lodging stocks did ok but there was no real follow-through from yesterday’s REIT surge. WH, IHG, XHR, and PLYA traded up to new highs while SOND and VCSA were the big gainers, up 12% and 6% respectively.
Truist updated price targets post 3Q earnings for their lodging coverage. ABNB’s PT goes to $123 from $124, CHH goes to $136 from $134, Marriott’s new PT is $277 from $254, and PLYA goes to $13 from $10. Their RevPAR Roadmap (formerly RevPAR Monitor) had Truist upping their 4Q RevPAR projection to +2% to +4% from the prior Flat to +2%. They introduced their 1Q25 forecast of +2.5% to +4.5%, with business/Group demand to benefit from Easter shifting to April from March. In 2Q25, they expect RevPAR to only be up 1% to 3%.
