Gran Melia Hotels & Resorts

North America

Earnings Reports and Interest Rates Spook Investors

Lodging stocks were down before the Fed decision to raise interest rates by another 75 basis points and conference call but the selling accelerated after, led by the REITs, not surprisingly. Investors did not take the earnings reports from Airbnb, Ashford Hospitality Trust or Xenia Hotels & Resorts very well. Meanwhile STR reported for the week ended 10/29, US hotel RevPAR was up 33.5% year over year.