U.S. RevPAR Declines for First Time in 3 Years
Skift Take
Thanks to the shift in Easter in 2024 from March to April, RevPAR was down as a whole – but not in the top 25 markets in the U.S.
The DJIA was up 450 points on Friday while Nasdaq was up 315, the S&P 500rose 64 points and the 10-year treasury yield was down .07 to 4.50%. Lodging stocks were mixed. The big mover of note was XHR, up 7% following their earnings report.
DiamondRock Hospitality also reported good results, with a modest beat driven by group business offsetting weakening leisure as well as strong F&B business. DRH did not give guidance but did suggest RevPAR in 2Q will be better than in 1Q.
IHG had a bit of a confusing earnings report with good results driven by Europe, Middle East, Africa and Asia but the primary focus seemed to be on their decision to make changes to its loyalty systems fee structure. IHG is lowering its standard loyalty assessment fee that owners pay into the System Fund. They also changed some benefits, including increasing cert
