Hospitality Ventures Management Group

North America

Ace Hotels Bought for $85 Million

The DJIA  fell 392 points but Nasdaq was up 16, the S&P 500 rose 8 points and the 10-year treasury yield was up .02 to 3.54%. Lodging stocks were modestly higher with no major movers. Investment firm Sortis agreed to acquire Ace Group International for $85 million . The all-cash deal will give Sortis the boutique Ace Hotels brand and its hotel management company. International visitors spent more than $15.9 billion on travel to, and tourism-related activities within, the United States , an increase of nearly 57% compared to November 2021
North America

IHG Opens Its Newest Hotel Indigo in New York

The DJIA ended the day down 142 points, falling after the Fed press conference after raising rates again. Nasdaq was down 86, the S&P 500 fell 24 points and the 10 year treasury yield was unchanged at 3.50%. Citigroup cut their ratings on Hilton and Marriott to Neutral from Buy. US RevPAR was up 16.7% year over year while RevPAR was up 13.7% versus the same week in 2019.
North America

U.S. Leisure Travel Expected to End 2022 14% Higher Than 2019 Levels

The DJIA fell 100 points, Nasdaq was down 92, the S&P 500 was down 25 and the reason for the punch bowl being taken away from the recent rally was the 10 year treasury yield spiking. STR said US RevPAR was up 26.7% year over year for the week ending 10/15. A new analysis projects U.S. hotel leisure travel revenue to be 14% higher by the end of this year than it was in 2019.
North America

U.S. Businesses Pare Back Travel Restrictions

The DJIA was up 338 points while Nasdaq was up 97, the S&P 500 was up 42 points, while the 10-year treasury yield was down nearly .02 to 4.00%. Evercore ISI Group upped its rating on DiamondRock Hospitality to Outperform from In-Line. US Travel’s latest Business Travel Tracker finds American companies increasingly paring back pandemic-era restrictions on business travel
North America

IHG’s Data Breach Concerns

The  DJIA  rose 230 points while  Nasdaq  was up 154, the  S&P 500  rose 43 points and the  10-year treasury yield  was up .04 to 3.36%. Lodging stocks were modestly higher. IHG’s hack appears to be a lot worse than the ones at other hotels as the ransomware attack may very well impact their 3Q results as they continue to have their online reservation system crippled by the attack. Watermark Lodging Trust  said the proposed acquisition of the company by private real estate funds managed by  Brookfield  was approved by its stockholders.
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 .