International Visitor Spending in the U.S. Surges, Fueling Hotel Industry Growth
Skift Take
- DJIA, Nasdaq, and S&P 500 experienced gains, while the 10-year treasury yield decreased.
- Spending by international visitors in the U.S. increased significantly compared to the previous year, leading to a trade surplus in travel and tourism.
- Several hotels underwent renovations or acquisitions, and new hotels were announced in various locations across the United States.
The DJIA rose 367 points while Nasdaq was up 109, the S&P 500 rose 32 points and the 10-year treasury yield was down .01 to 3.79%. Lodging stocks were mostly higher. Both MAR and IHG traded up to new 52-week highs.
The Baird/STR Hotel Stock Index was up 6.2% in June on a month-to-month (May) basis. The Hotel Brand sub-index jumped 7.4% from May while the Hotel REIT sub-index was up 1.8%.
According to data released by the National Travel and Tourism Office, international visitors spent more than $17.5 billion on travel to, and tourism-related activities within, the United States in May 2023, an increase of nearly 26% compared to May 2022 and the highest level of monthly spending since the onset of COVID-19 in February 2020. Conversely, Americans spent nearly $17.0 billion traveling abroad during May, yielding a balance of trade surplus of $530 million. International visitors have spent nearly $84.7 b
