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North America
Truist Takeaways: Optimistic Yet Still Uncertain
Truist reported on takeaways from their Lodging/Leisure conference they had last week. According to CBRE’s September 2022 Hotel Horizons forecast for the overall U.S. lodging industry, rooms RevPAR will exceed 2019 annual levels in 2022. IHG Hotels & Resorts unveiled exceptional 2022 results to-date and a robust future for Hotel Indigo . -
North America
Standard International Expands Its International Ambitions
Either investors did not like Membership Collective Group’s earnings report, their management changes or both but the stock got crushed today, down -19%. STR reported US lodging data for the week ended 11/12. US RevPAR was up 19.4%, year over year. The Development Review Committee for Pompano Beach, Florida , is considering the site plan for a 1.1-acre property for which MHG Hotels proposed a Homewood Suites by Hilton hotel. -
North America
Peachtree Hospitality Adding 1,500 Rooms to Portfolio
The DJIA fell another 325 points on Monday, Nasdaq was up 0.1%, the S&P 500 fell 0.6% and the 10-year treasury yield rose to 3.88%. Peachtree Hospitality Development is on track to deliver a record year of development achievements. In 2022, PHD opened three select-service hotels, with another hotel slated to open later this year. Embassy Suites by Hilton Washington D.C. Convention Center announced the completion of its $30 million renovation that includes a complete transformation to the hotel featuring a fresh, modern redesign. -
North America
Early September RevPAR up 30% YoY
Equity investors were once again willing to give the Federal Reserve Board the benefit of the doubt on the 0.75% rate hike today but then Fed Chief Powell held a press conference and it got ugly pretty quickly. STR reported US lodging data for the week ended 9/17. US hotel RevPAR was up 30.6% year over year. RevPAR was up 12.7% versus the same week in 2019. A group of hotel franchisees has filed a lawsuit against IHG Hotels and Resorts , claiming a cyber attack on its booking system earlier this month cost them millions of dollars in lost revenue, according to various news sources. -
North America
New Hotel Fees Are on the Way
The DJIA ended Friday with a gain of 377 points while Nasdaq was up 250, the S&P 500 rose 61 points and the 10-year treasury yield was up .03 to 3.32%. Lodging stocks were modestly higher. USA Today published a story, actually a prediction that new hotel fees may be popping up . The St. Joe Company and InterMountain Management, LLC announced the commencement of construction on a new hotel in Panama City Beach, FL . -
North America
Business Travel May Be Back, Mostly?
B.Riley maintained its Neutral rating on Ashford Hospitality but lowered its price target from $12 to $9. The Heard on the Street Column from the Wall Street Journal today focused on business travel , a positive article on how it is back with the potential to be better than ever. A company called CorpHousing Group Inc., which is engaged in the short-term rental of hotel units to guests across major metropolitan cities in the US, priced an IPO of 3,375,000 shares.