Hotel Investors Have Reasons for Optimism
Skift Take
Today was good timing for those who released the avalanche of earnings because investors were in a good mood.
The DJIA rose 84 points, the Nasdaq was up 264, the S&P 500 was up 35 points and the 10-year treasury yield was up .05 to 4.23%. The equity indexes were positive, but they lost a lot of their gains as the day went on today. Hotel stocks rallied with the earnings companies leading the way. HGV was up 9%, H was up 5%, HST rose 3%, INN was up a percent and WH was flat. SVC and VAC also were notable movers today, up 6% and 4% respectively.
Today was good timing for those who released the avalanche of earnings because investors were in a good mood. Host Hotels reported a sparkling 1Q with a big earnings beat and a raise by the amount of the beat. Given how all the others have taken down guidance, that is a raise. HST bought back 6.3 million shares at a cost of $100 million. Wyndham may have been a victim of their own success as estimates had been taken down across the board for hotel companies for 1Q, but most expected WH to outperform so the
