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North America
Analysts Become Modestly Less Bullish on U.S. Hotel Companies
Stock market indices, including the DJIA, Nasdaq, and S&P 500, experienced declines on Friday, while the 10-year treasury yield saw a slight increase. Barclays expects some REITs, such as Pebblebrook Hotel Trust and DiamondRock , to be disproportionately impacted by below-expectation revenue per available room (RevPAR), while they believe Apple Hospitality will outperform. Oppenheimer slashed price targets on several lodging stocks, including Chatham Lodging Trust , RLJ Lodging Trust , Braemar , and Apple Hospitality , while maintaining their Outperform ratings on these companies. -
North America
Red Roof Seeks New President
Market summary: DJIA, Nasdaq, and S&P 500 experienced declines, while the 10-year treasury yield decreased slightly. Playa Hotels & Resorts downgraded by Bank of America Securities, with a lowered price target. In Europe and the Caribbean, look to the upcoming opening of One&Only Aesthesis resort in Greece , renovations at Club Med Buccaneer’s Creek in Martinique , Eurostars Hotel’s operation of a luxury hotel in Rotterdam -
North America
New York Hotel Union Marks Historic Victory
Craig-Hallum initiated coverage of LuxUrban Hotels with a Buy rating and a $10 price target. A New York hotel union reached a deal with hotel owners and operators, boosting the wages of hospitality workers by $7.50 an hour, the largest increase in the union’s 100-year history . Beginning this month, Waldorf Astoria Orlando in Florida will undergo a comprehensive, multi-phase re-imagination expected to debut in December 2023. -
Asia-Pacific
Tokyo and Bangkok Tourism Numbers Are Rebounding
STR reported China hotel RevPAR for the week ended December 17. Hotel RevPAR was down -1.1% year over year for the week. Japan National Tourism Organization said visitor arrivals rose to close to one million in November. This was the first full month after the country ended their Covid-19 curbs. The Tourism Authority of Thailand is predicting the number of foreign tourists visiting Thailand will be more than 18 million last year. -
North America
Deutsche Bank Forecasts Modest Hotel Sector Growth in 2023
Lodging stocks were modestly lower. SOND fell -8%, the biggest mover in the group Friday. SLNA traded down to yet another new low. Both Hersha Hospitality Trust and Host Hotels announced special dividends. HT announced its board of trustees approved a special dividend of $0.50 per common share for the year 2022. Deutsche Ban k said 2022 was a year when the lodging recovery was swiftly realized. -
Asia-Pacific
Maldives’ Outlook Downgraded Despite Tourism Recovery
Fitch Ratings revised the Maldives’ outlook to Negative from Stable while affirming its Long Term Currency Issuer Default Rating at B-. Hilton announced plans to expand the presence of Conrad Hotels & Resorts through Conrad Singapore Orchard . Singapore’s Far East Organization is planning to develop a new hotel in Sydney’s Rocks district , with a proposal to redevelop the Clocktower Square with a luxury new property. -
Asia-Pacific
Macau Reopens to Foreign Citizens
Tomorrow is the first day that foreign citizens from 41 countries will be allowed to enter Macau since the start of this crisis. The travelers will still have to undergo seven days of quarantine in a designated hotel followed by another three days of self-health monitoring. Control of theme park Huis Ten Bosch Park in Japan is being transferred to Hong Kong-based asset management firm PAG . IHG Hotels & Resorts announced the opening of its 600th hotel in Greater China with the debut of Kimpton Bamboo Grove Suzhou.