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North America
Choice Is Pursing Wyndham
The big news was a rumor with the Wall Street Journal reporting Choice Hotels is making a move to acquire Wyndham Hotels & Resorts . Truist upped their price target on Hyatt Hotels to $149 from $145. This follows H’s Investor Day and the tours of Apple Leisure Group resorts. Pebblebrook Hotel Trust gave their monthly update saying for 2Q23, overall demand and profitability trends continue to remain within expectations . -
North America
Marriott Boosts Quarterly Dividend by 30%
Soho House reported mostly in-line estimates. Adjusted EBITDA was in line despite revenue being slightly lower than expectations. Morgan Stanley upped their target price on Hyatt to $142 from $139 while maintaining their Overweight rating. Marriott International announced a 30% increase in their quarterly dividend, to $0.52 a share. -
North America
U.S. Hotel Performance Stays Strong
The DJIA rose 75 points, Nasdaq was up 117, the S&P 500 gained 12 points and the 10-year treasury yield was down another .09 to 3.41%. Lodging stocks were mixed. Pebblebrook Hotel Trust gave a 1Q operating update, showing the quarter is in line with their recent guidance. Tourism to and from the U.S . has gradually recovered in 2022 without fully returning to pre-pandemic levels, according to the Commerce Department. -
North America
Marriott Cleared to Acquire City Express Portfolio
If you are wondering about who in the sector has exposure to the collapse of Silicon Valley Bank , Sonder Holdings confessed to having $2 million in an operating cash account and approximately $20 million in deposit accounts with SIVB. Marriott International, Inc. received approval from Mexico’s Federal Economic Competition Commission for the acquisition of the City Express brand portfolio from Hoteles City Express, S.A.B. de C.V. According to a new report from HVS , hotel operators need to learn to manage the entire building they operate and start thinking of performance in terms of the total revenue or profit per available square meter. -
Asia-Pacific
IHG’s Ambitious Plans for Greater China
IHG Hotels & Resorts said the are pursuing an ambitious expansion plan in Greater China that explores popular and emerging destinations. Hilton’s upscale focused service brand, Hilton Garden Inn , announced the opening of its fiftieth property in Greater China. Brisbane’s $3.6 billion Queen’s Wharf Brisbane resort and casino will officially open before Christmas. -
North America
Year-End Hotel News Roundup
EF Hutton initiated coverage on Selina Hospitality with a Buy rating and $6.50 price target. STR reported US lodging data for the week ended 12/24. RevPAR was down -0.2% year over year while down -7.6% versus the same week in 2019. Bluegreen Vacation Holdings said they had a total of 3,040,882 shares of Class A Common Stock tendered in their cash tender offer to purchase up to 4.5 million common shares at $25 per share. -
Asia-Pacific
Marriott Adding Brands and Properties in India
Marriott International will be adding about 13-14 hotels in India under different brands in the next 12 months. Hong Kong has continued to loosen Covid restrictions , now targeting eventgoers. Hilton announced the signing of an agreement with Wondergrain Exports Private Limited to launch DoubleTree by Hilton Amritsar . -
North America
DiamondRock Beats Preliminary Results
DiamondRock Hospitality reported 3Q results, beating the preliminary results they announced two weeks ago. Jefferies cut its rating on Xenia Hotels & Resorts to Hold from Buy. Lodging stocks were mixed. SLNA plunged another -20%, quickly becoming the biggest disaster in a long line of SPAC disappointments in the past year -
North America
New York City Continues Its Hotel Recovery
The DJIA fell another 313 points, Nasdaq was down 110, the S&P 500 was down 44 points and if you thought mortgages were high before, the 10-year treasury yield was up another .08 to 3.57%. Playa Hotels & Resorts announced its board of directors reauthorized the repurchase of up to $100 million of the company’s outstanding shares. According to Hodges Ward Elliott’s Q2 report , the New York City hospitality sector continues its recovery as travel surges and hotels reopen.