21c Museum Hotel

For a change, the markets went up when Fed Chief Powell spoke. They interpreted his commentary and body language as blinking, that the bulk of the interest rate hikes are over. STR said  US hotel RevPAR  the week ended November 26 was  down -0.1% year over year . Cambria Hotels  announced the  opening of its six-story, 121-room location in downtown Minneapolis  to complete the newly constructed dual-hotel building.

The  DJIA  dropped 1.54%,  Nasdaq  fell 2.84%, the  S&P 500  declined 2.11% and the  10-year treasury yield  rose slightly, to 3.76%. After an outstanding summer of travel,  Amadeus’  Agency360 and Demand360 data sources are showing  strong recovery indicators for the remainder of 2022  and evidence of growing traveler confidence as the sector looks towards 2023. Service Properties Trust  announced it entered into a purchase and sale agreement to sell  16 Marriott branded hotels  totaling 2,155 keys for $137.3 million.

The vast majority of lodging company earnings, both REIT and C-Corp , have been very positive, with the REITs being the biggest surprise. Crescent Hotels & Resorts has added The Viv, Anaheim, a Tribute Portfolio Hotel , to its Latitudes: Lifestyle by Crescent collection. Black Creek Mexico announced that Grupo Alojica completed the Westin Resort & Spa acquisition, in Puerto Vallarta , from affiliates of Marriott Vacations Worldwide .