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North America
Braemar and Ashford Forecast Strong Fourth Quarters
The DJIA roseĀ 701 points on Friday while Nasdaq was up 264, the S&P 500 rose 87 points and the 10 year treasury yield was down .15 to 3.57% Braemar Hotels & Resorts Inc. expects to report occupancy of approximately 64% for the fourth quarter of 2022 with an ADR of approximately $469 resulting in RevPAR of approximately $301. Ashford Hospitality Trust, Inc. expects to report occupancy of approximately 68% for the fourth quarter of 2022 with an ADR of approximately $175 resulting in RevPAR of approximately $118. -
North America
DiamondRock Beats Preliminary Results
DiamondRock Hospitality reported 3Q results, beating the preliminary results they announced two weeks ago. Jefferies cut its rating on Xenia Hotels & Resorts to Hold from Buy. Lodging stocks were mixed. SLNA plunged another -20%, quickly becoming the biggest disaster in a long line of SPAC disappointments in the past year -
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.