Las Vegas Lifts U.S. Hotel Performance
Skift Take
U.S. hotel performance in February 2024 saw modest revenue gains driven largely by Las Vegas and major events, with luxury and upscale chains leading growth amidst varied demand across other segments.
The DJIA fell 241 points, Nasdaq was up 17, the S&P 500 was down 11 points and the 10 year treasury yield surged .12 to 4.33%. Lodging stocks were modestly lower.
Wells Fargo upped their price target on Airbnb to $127 from $107. They maintained their Underweight rating.
STR commentary on U.S. hotel performance for February 2024: Top-Line Metrics (February 2024, percentage change from 2023): Occupancy: 58.9% (-1.8%) ADR: $158.23 (+3.9%) RevPAR: $93.19 (+2.0%). February produced modest RevPAR growth, reflecting the continued return to low single-digit gains. Without Las Vegas and the Super Bowl, U.S. RevPAR would have been down. The Top 25 Markets continued to outperform all others with Las Vegas once again lifting the aggregate. Group demand and ADR maintained an edge over the Transient counterparts. The three highest chain scales (Luxury, Upper Upscale and Upscale) posted RevPAR increases, with Upper Upscale
