Subdued Tone Among Hotel REITs at Nareit Conference
Photo Credit: Waldorf Astoria Costa Rica Punta Cacique Hilton
Skift Take
Hotel REIT executives at Nareit showed caution due to transaction market weakness and uncertainty, with Truist citing stock frustration.
The DJIA was up 443 points while Nasdaq was up 232, the S&P 500 rose 61 points while the 10-year treasury yield was up .12 to 4.51%. Lodging stocks were higher. BHR was the mover of note, up 5%.
The common opinion from those at the NAREIT conference was that the tone was more subdued than from the C-Corps, which was interesting considering uncertainty was the conclusion in describing the tone at NYU. The public hotel brands always seem more bullish, but the private companies, consultants, and other non-REIT executives were cautious. Truist said they think the subdued tone could be because of frustration with REIT stock prices, as insiders at the hotel REITs have been buyers of their stocks lately. It could also be the lackluster transaction market, interest rate volatility, and, once again, the general uncertainty. As far as business is concerned, none of them said business has taken a turn in the negative direction, but they also didn't say things are be
