Global Tourism Now at 98% of Pre-Pandemic Levels
Skift Take
Global tourism rebounded strongly in 2024, with international arrivals reaching 98% of pre-pandemic levels, driven by post-pandemic demand, increased air connectivity, and growth in key regions like the Middle East, Europe, and Asia-Pacific.
The DJIA fell 248 points, Nasdaq was down 35, the S&P 500 fell 11 points and the 10-year treasury yield was unchanged at 4.18%. Lodging stocks were modestly lower but we did see new highs from WH, H, MAR, HLT, and IHG today. SOND was the biggest mover, down -8%, while AHT fell -6% and SHCO was down -5%.
Wells Fargo initiated coverage on Wyndham Hotels and Choice Hotels International. They like Wyndham but believe the stock has really outperformed so they are waiting for a better entry point. They initiated with an Equal Weight rating and $103 price target. For Choice, they initiated at Underweight with a $133 price target, seeing their 14x EV/EBITDA valuation as full versus 3% EBITDA growth and said its RevPAR has underperformed its index/weighting and increased key money has yet to pay dividends.
Park Hotels gave an operating update with their
