Accor and Hyatt Continue European Expansion
Skift Take
- Jefferies downgraded Marriott Vacations to "Hold" from "Buy" and reduced their target price, expressing concerns over the macroeconomic outlook, particularly in consumer credit and interest rates.
- The 2023 survey from the Hospitality Asset Managers Association indicates optimism about RevPAR's return to 2019 levels, while various hotels announce new completions, renovations, and sales across the U.S.
- Key personnel appointments are announced in major hotel groups, and international brands like Wyndham, Accor, and Hyatt unveil expansion plans and new properties in locations such as Barbados, France, and Spain.
Jefferies said they downgraded Marriott Vacations to Hold from Buy, putting them in line with their rating on the other time shares stocks, Hilton Grand Vacations and Travel + Leisure, both also at Hold. Jefferies said the concerns over the macroeconomic outlook, notably consumer credit and interest rates, are driving a separation of timeshare business merits from valuations. Jefferies lowered their target price on VAC to $112 from $150.
According to the Hospitality Asset Managers Association Fall 2023 Industry Outlook Survey, nearly 60% of its members believe RevPAR will return to 2019 levels for the U.S. as a whole next year. Almost 25% believe it will happen this year. Other highlighted results include: 61% of respondents forecast RevPAR increases in 2023 compared to pre-pandemic 2019. Wage increases, demand and labor availability are the top three concerns of hotel asset managers. 63.64% of participants believe the country will avoid a recession over t
