Hotel Indigo

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

Truist said they are finding the sentiment at the ALIS Lodging Conference as mostly positive , with lots of “hope” that the most well-anticipated recession in the history of recessions will be a mild one. STR and Tourism Economics made a modest upgrade to the 2023 U.S. hotel forecast released at ALIS. Four Seasons said they started 2023 with new leadership, brand extensions and strategic portfolio growth.

Lodging stocks were mostly lower. VCSA was down -12%, SOND was down -8% but MCG was up 5% on a new Buy rating. Northland Capital Markets initiated coverage on Selina Hospitality Group with an Outperform rating and $4.50 target price. The scheduled auction of the downtown Hilton Hotel Minneapolis , previously slated for Friday, has been postponed.

Yesterday, Pebblebrook Hotel Trust lowered guidance for 4Q results and shook up the industry a bit. Today, Ryman Hospitality did the opposite. Lodging stocks were mostly lower with a long list of new lows, many of them REITs. New lows were set by PEB, PK, AHT, SHO, XHR, ABNB and VCSA Marriott International announced that long-time executive Stephanie Linnartz is leaving the company, effective February 24, 2023.

Pebblebrook Hotel Trust cut their guidance for 4Q , citing a demand impact from Hurricane Nicole in November and weaker business/leisure demand at the end of that month. STR said US hotel RevPAR the week ended 12/17 was up 12% year over year while up 35% over the week in 2019 . U.S. hotel occupancy for Christmas and New Years mirrors 2019 trends , with warm destinations proving popular according to Amadeus .

Lodging stocks were modestly lower. SOND fell -8%, the biggest mover in the group Friday. SLNA traded down to yet another new low. Both Hersha Hospitality Trust and Host Hotels announced special dividends. HT announced its board of trustees approved a special dividend of $0.50 per common share for the year 2022. Deutsche Ban k said 2022 was a year when the lodging recovery was swiftly realized.

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.