Grand Hyatt

Truist lowered their price target on Park Hotels & Resorts to $19 from $20 while maintaining their Buy rating. BRE Hotels & Resorts and The Ritz-Carlton, Kapalua are celebrating the recent success of the property following a $100 million transformation. The iconic Fairmont Hotel in downtown Vancouver, Canada, is looking to expand with an annex tower, but it will not provide any additional hotel rooms.

Marriott International’s Ritz-Carlton is presenting a newly elevated experience at The Ritz-Carlton Club across its Asia Pacific hotels, joining a successful launch in Mainland China last summer. Hanwha Hotels & Resorts signed a memorandum of understanding with Lodgis Hospitality Holdings to forge a strategic partnership to mutually boost each of their hotel and resort portfolios. New Zealand’s Sotheby’s International Realty is listing an exclusive Queenstown  development site, expected to sell for more than $40 million.

Wells Fargo changed price targets on a bunch of hotel names in their coverage. In November 2022, total non-US resident international visitor volume to the United States increased 61.3% compared to November 2021 According to the Q4 2022 Hotel Construction Pipeline Trend Report for Canada by Lodging Econometrics, Canada’s total construction pipeline stands at 267 projects/35,758 rooms.

JP Morgan gave their 2023 lodging outlook presentation, saying they see the REITs as relative underperformers versus the C-Corps. They see Wyndham Hotels and Hyatt Hotels as relative out performers within lodging. The DJIA rose 186 points while Nasdaq was up 107, the S&P 500 rose 27 points and the 10-year treasury yield was up .10 to 3.62%. Lodging stocks were higher. Barclays said December lodging RevPAR ended on a strong note, very notable after Pebblebrook Hotel Trust’s guidance cut during the month.

STR reported China hotel RevPAR for the week ended November 26 was up 2.2% year over year. Macau hotels’ had average occupancy in October of 41.8%, up 4.2 percentage points from September. Accor announced details on some of its newest properties across Australia and New Zealand that will be opening in 2023.

Let’s go backwards to give you an overview of today’s market. The 10-year treasury yield plunged 0.32 to 3.83%. That is a nearly 8% drop in the yield on a modestly better CPI report. Vacasa reported 3Q results that went over as well with investors as their weak fourth quarter guidance. The LWHA Q3 2022 Major U.S. Hotel Sales Survey includes 119 single asset sale transactions over $10 million which totaled roughly $3.7 billion.

Shanghai ordered mass testing of all 1.3 million residents amidst another lockdown, Wuhan locked down 900,000 people for at least five days, while in Macau the MGM Cotai casino resort was locked down after a dealer tested positive. The hospitality sector in India  is looking at rapidly adding managed hotels to its portfolio. Hong Kong -based Langham Hospitality Group has launched an upper midscale brand called Ying’nFlo .

Accor said they are experiencing a sustained recovery in their Western Australia hotel, apartment, and resorts network . Accor also said they are bullish on India , with plans to open mid-level hotels across metros and budget brands in tier-2 and tier-3 cities but also adds to its luxury portfolio with another Raffles property in Jaipur soon. The Park Hotels will run a 65-room hotel at the Digha Convention Centre. An agreement was signed with the Kolkata Metropolitan Development Authority.  

Hyatt Hotels Corp announced plans for its continued growth in the Asia Pacific market. They unveiled a robust pipeline of landmark luxury and lifestyle hotels and resorts. CEL Australia has listed The Sebel Hotel Mandurah for sale as Western Australia reopens to the world post-pandemic. Andrew Tan’s flagship property firm Megaworld is opening a new Belmont Hotel within the 30-hectare Mactan Newtown in Lapu-Lapu City, Cebu.