U.S. Lodging Stocks Are in Safe Mode
Skift Take
- Ryman Hospitality Properties became the latest lodging REIT to reinstate something more than a token dividend.
- CBRE Hotels said they are raising their forecast for hotel performance on the heels of industry gains in Q2 2022 and the expectation of slightly positive GDP growth in 2023.
- Wolfgramm Capital has acquired the Waldorf Astoria Park City hotel in Park City, UT. The property was acquired off-market and as part of an all-cash deal.
The DJIA fell 171 points while Nasdaq was down 86, the S&P 500 was down 16 points but the 10-year treasury yield surged again, up .14 to 3.34%. Lodging stocks were mostly lower. While AHT was the biggest mover, down -6%, VCSA and AINC were both up 5%. CHH fell -5% to a new low and MCG also traded down to a new low.
Ryman Hospitality Properties became the latest lodging REIT to reinstate something more than a token dividend. RHP said their board declared a quarterlycash dividend of $0.10 per common share. RHP’s new interim dividend policy is a minimum dividend of 100% of REIT taxable income annually.
CBRE Hotels said they are raising their forecast for hotel performance on the heels of industry gains in Q2 2022 and the expectation of slightly positive GDP growth in 2023. CBRE revised its forecast for the second half of 2022 to a gain in RevPAR of 14.7% year on year, up from their previous proj
