Wyndham Gets a Vote of Confidence
Skift Take
- The DJIA ended its winning streak with a 237-point drop, Nasdaq was down 77, and the S&P 500 fell 29 points. The 10-year treasury yield surged by 0.16, closing at a yield of 4.01%.
- Wyndham reported positive results, with its development pipeline rising and a significant stock buyback. Accor raised its annual profit outlook despite being slightly below analyst expectations.
- Senators Klobuchar and Moran introduced the Hotel Fees Transparency Act, aiming to crack down on hidden resort fees. They propose federal guidelines for pricing transparency in hotel stays.
The winning streak for the DJIA ended with a 237-point drop today while Nasdaq was down 77, the S&P 500 fell 29 points, and the 10-year treasury yield surged .16 to close at a yield of 4.01%. Lodging stocks were mixed. MAR traded up to a new high, and SOHO was up 8%.
Wyndham reported a slight beat, and while the debate is whether this was just because expectations were lowered, investors bid the stock up despite all the worries, so that is always a good vote of confidence. The big positives included their development pipeline rising to 228,000 rooms with 179 new contracts for legacy brands. The 60 new ECHO Suites deals were signed in July. They will be in the 3Q pipeline. WH bought back $109 million worth of stock in 2Q, and their board of directors increased the repurchase authorization by $400 million. 2023 guidance was unchanged.
Accor raised its annual profit outlook even though it just dis
