Canadian Hotels Rebound in a Big Way
Skift Take
The Canadian hotel industry is rebounding from pandemic lows thanks to blockbuster events like Taylor Swift’s tour, tighter short-term rental rules, and large-scale investments in new hotel developments.
The DJIA was up 221 points, but Nasdaq fell 44, the S&P 500 was up 7 points, and the 10-year treasury yield was down .02 to just below 4.79%. Lodging stocks were modestly higher. AHT was up more than 5% today.
The Baird Hotel Stock Index fell by -2.9% in December from November, the fourth month-over-month decrease of 2024 but the first since July. For all of 2024, the global hotel brand stocks rose by nearly 29%, but hotel REITs were down by -9%. In December, the hotel brand sub-index was down by -2.5%, while the hotel REIT sub-index fell by -5%.
The Canadian hotel industry, steadily making its way back from the disastrous pandemic years in which revenues plummeted by an estimated 80% in 2020, was one obvious beneficiary of "the Swift effect," with Taylor Swift's record-shattering Eras Tour reverberating beyond the music world. According to the National Post, in Toronto, the pop star's six November shows sold out w
