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North America
Four Seasons Opening Private Retreats Collection in Los Cabos
Morgan Stanley changed price targets on its covered hotel companies . Hilton’s PT was lowered to $167 from $171, while Wyndham’s PT was upped to $90 from $87. Chatham Lodging Trust announced they repaid in full three mortgages with outstanding principal of $73.3 million and a weighted average interest rate of 8%. Four Seasons Resort and Residences Los Cabos at Costa Palmas will begin taking reservations for its ultra-luxury Private Retreats collection soon. -
North America
Hotels Change Hands, Brands Enter New Markets
Lodging stocks were mostly lower. VCSA was down -12%, SOND was down -8% but MCG was up 5% on a new Buy rating. Northland Capital Markets initiated coverage on Selina Hospitality Group with an Outperform rating and $4.50 target price. The scheduled auction of the downtown Hilton Hotel Minneapolis , previously slated for Friday, has been postponed. -
North America
U.S. Hotel Trends Point to a Holiday Season Like 2019
Pebblebrook Hotel Trust cut their guidance for 4Q , citing a demand impact from Hurricane Nicole in November and weaker business/leisure demand at the end of that month. STR said US hotel RevPAR the week ended 12/17 was up 12% year over year while up 35% over the week in 2019 . U.S. hotel occupancy for Christmas and New Years mirrors 2019 trends , with warm destinations proving popular according to Amadeus . -
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
Fosun Denies Claims It’s Seeking Buyer for Club Med
Bloomberg said Fosun is also considering strategic options for French luxury resort chain Club Med SAS and could seek a value of about $1.5 billion for the business. Shanghai Disney Resort remains closed, two weeks after Covid-19 cases caused operations to cease. Marriott International announced plans to expand its select service portfolio in Greater China with the expected addition of 30 hotels in the segment by the end of 2023. -
North America
Lodging Stocks End Higher While Hotel Index Stock Drops
The DJIA jumped 551 points today while Nasdaq was up 354, the S&P 500 was up 95 points and the 10-year treasury yield was up .01 at 4.02%. The Baird/STR Hotel Stock Index fell -9.1% in September. Despite continued strong RevPAR, both year over year and 2019 comps, the stock index has dropped -20.6% in the first 9 months of the year. Driftwood Capital broke ground on the Element by Westin , a new 130-key extended-stay hotel located on prime oceanfront property in Melbourne, FL . -
North America
Strong Recovery Indicators for Remainder of 2022
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. -
North America
Upbeat Expectations for 2023
The DJIA rose 30 points while Nasdaq was up 86, the S&P 500 rose 13 points and the 10-year treasury yield was down .01 to 3.41%. Truist reported on a call they held with the CEO of hotelAVE . The takeaways included that they saw leisure demand start to slow in May while group and corporate recovery is now benefiting from urban and convention hotels. JP Morgan reported on meetings held with Wyndham Hotels’ CEO and SVP, IR. JPM said the meetings were generally upbeat, reflective of strong demand and pricing trends as well as steady new development and conversion signings. -
North America
Global Hotel Groups Are Sitting on Piles of Cash
The DJIA rose 61 points, Nasdaq was up 50, the S&P 500 was up 12 points and the 10-year Treasury yield is quickly rising to where it peaked in June, up another .05 to 3.11%. STR said US RevPAR for the week ended 8/20 was up 16.9% versus the same week last year. Global hotel groups are holding near-record amounts of cash. Seven of the best-known hotel groups were collectively sitting on about $7.3 billion in cash and short-term investments as of the end of June . -
North America
Global Travel Prices to Increase Through 2023
The DJIA surged 515 points, Nasdaq was up 361, the S&P 500 was up 88 and suddenly the 10 year treasury yield is calm and the indexes are nuts again. STR said US Lodging RevPAR was up 12.2% year over year for the week ended 8/6. Global travel prices are predicted to continue to increase in the remaining months of 2022 and throughout 2023, according to the 2023 Global Business Travel Forecast.