Choice Hotels Disputes Wyndham's Claims
Skift Take
Choice Hotels International issued an investor presentation that they said disputed the false and misleading antitrust claims made by Wyndham Hotels & Resorts in connection with CHH’s attempt to acquire WH.
The DJIA was up 171 points while Nasdaq rose 112, the S&P 500 was up 27 and the 10-year treasury yield was up .01 to 4.03%. Lodging stocks were modestly higher. AHT (Ashford Hospitality Trust) traded down -6% to another new low, but IHG (InterContinental Hotels Group) traded up to a new high.
Truist gave their 2024 Lodging Preview, saying they are expecting mostly positive tailwinds, projecting RevPAR growth of 2.5% to 4.5% for US midscale and higher-end hotels. They see US economy hotel RevPAR growth at the low end or below that range. Variables for midscale and economy hotels will be possible tailwinds from infrastructure spend. They expect Group RevPAR to be at or above the high end of that range. Truist said they still don’t love REITs but they are not as negative on the hotel REIT sector as they have been in years past. The major hotel REIT themes they see are the possibility of continued valuation multiple
