Accor

North America

U.S. Fed Slows Tightening, Hotel Investors Set to Act

Citigroup upped their target price on Park Hotels & Resorts to $15 from $13 while maintaining their Neutral rating. They also upped their target price on Pebblebrook Hotel Trust to $16.50 from $15. They also maintained their Neutral rating on PEB. Accor’s private rental brand, onefinestay , has launched monthly stays in New York with 16 homes available to book and many more being added over the coming months.
North America

Short-Term Rental Crackdown in New York City

Deutsche Bank said they were a bit surprised at ALIS as they realized their views on 2023 RevPAR and margins were more measured than what they sensed from the companies. New York City’s latest plans to crack down on illegal short-term rentals , possibly removing as many as 10,0000 Airbnb listings later this year, is sparking furious debates about housing, hotels, the tourist market and residents’ rights. Buccini/Pollin Group is bringing the W Hotel brand to Orlando with plans for a 22-story hotel tower next door to Epic Universe.
Asia-Pacific

Accor and Ennismore Have Ambitious Plans for 2023

The Chinese Ministry of Culture and Tourism announced the country has decided to resume outbound group travel to selected countries including Sri Lanka early next month. The Philippines Dept. of Tourism said it is aiming to attract 4.8 million foreign visitors in 2023, almost double the 2.6 million in 2022. The initial goal in 2022 was 1.7 million arrivals. Sri Lanka Tourism is looking at attracting 1.5 million tourist arrivals for 2023. They are optimistic about achieving revenue of US$2.8 billion from tourism for this year.
North America

U.S. Hotel Construction Increased in December

After 25 consecutive months of year-over-year declines, U.S. hotel construction increased slightly in December. Wells Fargo cut their price target on Airbnb to $130 from $165. They maintained their Overweight rating. STR said US hotel RevPAR the week ended 1/14 was up 33.1%. RevPAR was up 9.4% versus the same week in 2019.
North America

Ace Hotels Bought for $85 Million

The DJIA  fell 392 points but Nasdaq was up 16, the S&P 500 rose 8 points and the 10-year treasury yield was up .02 to 3.54%. Lodging stocks were modestly higher with no major movers. Investment firm Sortis agreed to acquire Ace Group International for $85 million . The all-cash deal will give Sortis the boutique Ace Hotels brand and its hotel management company. International visitors spent more than $15.9 billion on travel to, and tourism-related activities within, the United States , an increase of nearly 57% compared to November 2021
North America

Sonesta to Reflag Two Properties to The James Brand

Lodging stocks were mixed but the biggest movers were to the upside. VCSA and SLNA both rose 6% on the day. The Baird/STR Hotel Stock Index fell -10% in December. That put all of 2022 down -15% from 2021. The Hotel Brand sub-index was down -9.2% in December from November while the Hotel REIT sub-index was down -12.8% Sonesta International Hotels Corporation announced the expansion of its global development strategy to include The James brand as part of the Sonesta Franchise portfolio in the U.S. and in Latin America.
North America

60 Percent of Americans More Likely to Stay in Hotels in 2023 Than Last Year

JP Morgan gave their 2023 lodging outlook presentation, saying they see the REITs as relative underperformers versus the C-Corps. They see Wyndham Hotels and Hyatt Hotels as relative out performers within lodging. The DJIA rose 186 points while Nasdaq was up 107, the S&P 500 rose 27 points and the 10-year treasury yield was up .10 to 3.62%. Lodging stocks were higher. Barclays said December lodging RevPAR ended on a strong note, very notable after Pebblebrook Hotel Trust’s guidance cut during the month.
Asia-Pacific

Thailand Drops Vaccination Entry Policy

Thailand rescinded its entry policy which requires visitors to show proof of a Covid-19 vaccination, citing sufficient immunization levels in China and the rest of the world. Vietnamnet reported thousands of people lined up at the Mong Cai border gates this past weekend to cross into China. The main requirements to cross were removed on December 31. The first Marriott International property to open on the North side of Phu Quoc in Vietnam has launched.
Asia-Pacific

China’s Travel Rebound May Speed Up

STR reported China hotel RevPAR was down -17.7% year over year for the week ended 12/31/22. When compared to the same week in 2019, RevPAR was down -23.6%. As of Sunday, the terrible hotel news of the past three years is just that, in the past as borders were reopened in China . The Philippines and China signed a new comprehensive tourism agreement that aims to strengthen mutual development in areas such as hotels, resorts, cruise ships, ports, tourism products and other related industries.
Asia-Pacific

China Pushes Back at Outbound Tourism Restrictions

China’s Foreign Ministry spokeswoman told the media that many foreign nations had responded warmly to the country’s newly relaxed Covid-19 regulations. The Macau government said that, as of this Sunday, they will officially end all quarantine requirements for all nationalities entering Macau. Vietnam said its tourism sector raked in about US$408.3 million in revenue during the three-day 2023 New Year holiday .