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North America
Vegas Strip Operators Accused of Price Colluding
Lodging stocks were modestly higher. The biggest movers included ABNB and SOHO both rising 5% while SONDwas down -6% on the day. Hotel Asset Value Enhancement gave their findings of the ALIS conference.Attendees believe the frustrating transaction market will change in the second half of this year and that there will be more transactions than foreclosures this year. A class-action lawsuit filed Wednesday alleges that four of the main Las Vegas Strip resort operators colluded, via data-sharing software, to artificially inflate the prices of their hotel rooms. -
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
60 Percent of Americans More Likely to Stay in Hotels in 2023 Than Last Year
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. -
North America
Morgan Stanley Sees Airbnb’s Property Supply Slowing
Morgan Stanley cut their rating on Airbnb to Underweight from Equal Weight, slashing its target price to $80 from $100. Marriott International announced plans to introduce more than 35 luxury hotels in 2023 to its portfolio of luxury brands. STR reported US lodging data for the week ended 12/3. Hotel RevPAR was up 11.7% year over year while up 1.2% versus 2019. -
North America
Tech Sector Weakness Contributes to Corp. Bookings Price Pressure
Truist gave their observations on the latest forward-looking booking and pricing trends for US hotels and checks with contacts. STR’s global “bubble chart” update through November 19, 2022 showed the strongest performance of the year thus far. The U.S. Travel Association’s latest biannual travel forecast shows a downgrade in international inbound travel for the remainder of this year and for 2023. -
Asia-Pacific
Macau’s October Hotel Occupancy Underwhelms
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. -
Asia-Pacific
Swire Hotels Plans to Expand The House Collective
CoStar published an article on Swire Hotels and its plans to expand The House Collective to destinations like Tokyo and Shenzhen Bay in China. Pullman Orchard is expected to open its doors within the next month, located in the heart of Orchard Road in Singapore . Banyan Tree Group said they continue to expand one of their latest brand concepts, Homm, with two new properties. -
Asia-Pacific
India Hotels Projected to See 23% Growth Over Pre-Pandemic Levels
STR reported China hotel RevPAR for the week ended 11/19. RevPAR was up 9.8% year over year in China while down -37.6% versus the same week in 2019. CapitaLand’s Ascott Limited unveiled its refreshed Somerset brand. This is the second largest brand in Ascott’s Global Portfolio. Crisil Ratings said the Indian hotel industry is likely to witness 23% growth in revenue this fiscal over the pre-pandemic level, driven by a strong recovery in business travel and continued traction in leisure travel. -
Asia-Pacific
Asia-Pacific Expected to Hit Two-Thirds of Pre-Pandemic Airline Traffic by EOY
STR reported Melbourne, Australia’s hotel performance reached a pandemic era high, according to preliminary October 2022 data from STR. JP Morgan issued a report projecting that airline travel in the Asia Pacific region will hit two-thirds of pre-pandemic levels by the end of the year. Indies Capital Partners announced the acquisition of a 60% stake in PT Swiss-Belhotel International Indonesia and PT Zest Hotels International Indonesia from Ciputra Group Indonesia. -
North America
Global Hotel Pipeline Slows in Q3
The DJIA surged 749 points on Friday while Nasdaq was up 245, the S&P 500 rose 87 points and the 10 year treasury yield was down .01 to 4.21%. Lodging stocks were modestly higher. According to September 2022 data from STR , Middle East & Africa was the only world region to show an increase in overall hotel pipeline activity at the end of the third quarter. IHG Hotels & Resorts reported a good 3Q, with RevPAR up 28% year over year and up 2.7% from 3Q19. The problem is they also announced Paul Edgecliffe-Johnson is leaving his CFO position.