Kim Woinski

Last week BP plc completed the acquisition of TravelCenter of America Inc . Service Properties Trust received $379.3 million in cash as part of the transaction. Sonder Holdings was cut to Perform from Outperform by Oppenheimer and InterContinental Hotels Group was upgraded to Neutral from Sell by Redburn. The Baird/STR Hotel Stock Index rose 1.4% in April from March. The Hotel Brand sub-index rose 2.5% from March while the Hotel REIT sub-index was down -2.6%.

STR reported US RevPAR for the week ended May 13 was down -1.3% year over year, possibly impacted by Mother’s Day timing. CBRE is again raising its forecast for hotel performance this year . The company has revised its forecast for 2023 RevPAR to $97.89, up 6.0% YOY and an increase of $0.43 from its previous forecast. Hilton announced the opening of Canopy by Hilton San Francisco SoMA .

Soho House reported mostly in-line estimates. Adjusted EBITDA was in line despite revenue being slightly lower than expectations. Morgan Stanley upped their target price on Hyatt to $142 from $139 while maintaining their Overweight rating. Marriott International announced a 30% increase in their quarterly dividend, to $0.52 a share.

Hyatt Hotels held an Investor Day today. They are forecasting $650 to $850 million of free cash flow by 2025 and will be 80% asset-light for their earnings mix. Effective Thursday, the Board of Directors of Louvre Hotel Group has appointed Federico J. Gonzalez as Group CEO. Hilton announced the signing of a management agreement for the first all-inclusive Curio Collection by Hilton property in the Dominican Republic , the new build Zemi Miches All-Inclusive Resort, Curio Collection by Hilton.

It was a rough one for Airbnb as investors seemed blindsided by their guidance. The 1Q results were in line but ABNB said they expect 2Q bookings to have slower growth . The best thing to be said about Vacasa’s earnings report came from JP Morgan . Their headline was the quarter was better than feared. STR reported US lodging data for the week ended 5/6. US hotel RevPAR was up 8.4% year over year.

Choice Hotels International reported solid 1Q results, better than expectations. In the good old days, when stocks actually moved up and down based on fundamentals. Deutsche Bank upped their target price on Ryman Hospitality to $128 from $126 and reiterated their Buy rating. The Four Seasons Hotel Boston has reopened following the completion of a dramatic design update of its arrival area, lobby and port cochere.

InterContinental Hotels Group announced Keith Barr has informed the Board of his decision to step down from his role as Group Chief Executive Officer and from the IHG Board. Playa Hotels & Resorts reported a 1Q beat and repurchased 5 million shares for $42.6 million in 1Q as well as another 2.1 million shares for $20 million in April. During Q1 2023, RevPAR grew 13% compared to 2019 , fueled by higher ADR and growth in business and group demand as well as strong leisure travel, according to JLL’s latest U.S. Hotel Investment Trends report.

The earnings calendar accelerated in both the REIT and C-Corp section in the past 24 hours. Hyatt received the most attention with a clean beat but then some concerns creeping in. Host Hotels had a lousy two days to issue a great report with a clean and positive beat and raise. Summit Hotels came in just under consensus even with a strong top-line performance as higher hotel-level expenses hurt results.

Apple Hospitality and Xenia Hotels were the next up to report earnings. APLE beat expectations and continues to be one of the few hotel REITs reporting EBITDA above 2019 levels. XHR also beat expectations on a higher top line with RevPAR growth of 23.9%. STR reported US lodging data for the week ended April 29. Year over year hotel RevPAR was up 5.6%.