DiamondRock Hospitality Company

Wells Fargo adjusted ratings and price targets for several hotel stocks, upgrading some while cutting price targets for others.

About 400 workers at four Boston hotels began a three-day strike on Thursday. They're seeking higher wages and staffing levels.

Truist reports slight downward revisions in U.S. hotel booking and pricing trends for 3Q and 4Q, with modest growth expected in 2025, but no signs of a sudden pullback or near-term upside for RevPAR.

Truist reported that Lodging Econometrics expects steady hotel supply growth rates through 2026, supporting Ryman Hospitality with minimal new competition in large convention hotels.

Key events included DiamondRock Hospitality's upgrade, Hyatt and Apple Hospitality lowering guidance, and IHG reporting strong new room signings despite challenges in China.

Quarterly reports were mostly positive, but the week ended on a down note as hospitality stocks were down across the board.

In the shorter term, CBRE expects a 2% RevPAR growth in 2024, driven by international tourism and limited supply, despite a weaker first quarter and a reduced forecast from 3%.

Thanks to the shift in Easter in 2024 from March to April, RevPAR was down as a whole – but not in the top 25 markets in the U.S.

JP Morgan forecasts mixed 1Q24 results for the lodging sector, with slow RevPAR growth, strong net rooms growth, and moderating pipeline expansion, recommending selectiveness due to varied performance across companies.

IHG Hotels & Resorts unveiled new prototype options for Staybridge Suites, Candlewood Suites, and Atwell Suites, set to roll out by Q2 2024 and debut in properties as early as 2025.