Hotel Indigo

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.

In a day that was everything that was expected, the financial indexes and individual stocks were whipsawed. B.Riley lowered their price target on Ashford Hospitality Trust to $6.50 from $9. They maintained their Neutral rating. Jon Bortz , chairman of Pebblebrook Hotel Trust has been on a bit of an insider buying spree the past few weeks. He has purchased a total of 64,000 shares between 2/28 and 3/9 at prices ranging from $14.30 to $14.67.

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.

Baird lowered their price target on Wyndham Hotels & Resorts to $86 from $88 while maintaining their Outperform rating. Barclays cut their rating on Hyatt Hotels to Equal Weight from Overweight. They cut their price target to $125 from $130. They upped Hilton to an Overweight rating from Equal Weight. Travel + Leisure Co . announced their upped their quarterly dividend per share to $0.45 per share from $0.40.

STR said China Hotel RevPAR , the week ending March 4, was up 67.2% year over year. The Bangkok Post reported that 112,876 room nights were reserved out of 560,000 available within six hours of the latest phase of Thailand's hotel subsidy program going live. Marriott International announced plans to introduce the Ritz-Carlton to Phuket, Thailand following the signing of an agreement with Asset World Corporation .

Walt Disney World’s Star Wars hotel has seen demand cool so dramatically that the Florida theme park giant has been forced to reduce dates during the busy Halloween, Thanksgiving and Christmas seasons. Membership Collective Group reported strong 4Q results, a profitable quarter, today STR reported U.S. lodging data for the week ended March 4. Hotel RevPAR was up 12.1% year over year for the week.

RLJ Lodging Trust reported in-line results with some limited guidance they gave in January at ALIS. Summit Hotel Properties reported 4Q results ahead of estimates with strong earnings contributions from the recently acquired properties, including NewcrestImage. Argus Research upped their rating on Airbnb to Buy from Hold with a $144 price target.

Occupancy rates at hotels in Macau rose by 25.4 percentage points in January year over year, reaching 74%. The Standard Hotel is expected to open in the fourth quarter of 2023 near Orchard Road in Singapore , across from Shangri-La Singapore along Orange Grove Road. Hiap Hoe has entered into a franchise agreement with Luxury Hotels International of Hong Kong to operate two hotels at 16 AH Hood Road and 1 Jalan Rajah and rebrand them as Aloft Singapore Novena .

The earnings parade continues with REITs dominating the past 24 hours. PebbleBrook Hotel Trust reported 4Q results that matched their pre-announcement but gave 1Q guidance that was softer than expected. Sunstone Hotel Investors results came in slightly ahead for 4Q with an extra $10 million insurance gain also put in there. Park Hotels reported strong results even with San Francisco continued weakness. PK said group revenue is back to 83% of pre-pandemic levels.

Lodging stocks were lower: There was only one mover of note, SLNA with a -6% drop getting near an all-time low today, but there was a sea of red on the screen today. DiamondRock Hospitality reported a solid 4Q. DRH had given preliminary results in January but still beat expectations even with comparable RevPAR below consensus as margins made up the difference. IHG reported a good quarter but the highlight was the announcement of a $750 million share buyback for 2023