Marcus Hotels & Resorts

Truist raised its already industry-high forecasts for mid and upper-end U.S. hotel RevPAR growth. A voco opened in California. Plus, more hotel deal and development news.

Barclays and Morgan Stanley both named Hyatt as their most favored lodging stock, while Morgan Stanley downgraded Hilton Grand Vacations. Plus, more hotel deal and development news.

Gencom has reacquired a majority interest in the 115-key The Ritz-Carlton Coconut Grove situated in Miami, Florida. Plus, more hotel deal and development news.

Hilton Hawaiian Village Waikiki Beach Resort's new 36-floor Ala Moana Boulevard Tower will add 515 rooms with construction starting next year. Plus more hotel deal and development news items.

Fontainebleau Miami Beach secured $1.3 billion through a CMBS, mezzanine loan, and equity infusion to refinance $1.8 billion in debt.

Travel + Leisure Co. has closed the acquisition of the vacation ownership business of Accor. The acquisition is expected to be immediately accretive to Travel + Leisure Co. earnings.

STR reported US lodging data for the week ended 2/10. US hotel RevPAR was up 3.9% with ADR up 7%. RevPAR in Las Vegas was up 140% year over year thanks to the Super Bowl.

Morgan Stanley adjusted price targets for several hotel companies, maintaining Overweight ratings for Hyatt, Hilton, Marriott, and Wyndham, but lowered the price target for Park Hotels. They also raised the price target for Choice Hotels and maintained an Underweight rating on Pebblebrook Hotel Trust. Marcus Hotels & Resorts' new Chief Investment Officer, Tiffany Leadbetter Donato, aims to expand the company's hotel portfolio beyond the Midwest for greater geographic and customer diversity. Hotel del Coronado, part of Curio Collection by Hilton, is investing over $160 million to restore and revitalize its historic Victorian building in Coronado, California, with a target completion date in Spring 2025.

Market Summary: DJIA rose 82 points, Nasdaq fell 17, S&P 500 down 1 point, 10-year treasury yield down to 3.85%. Uncertainty remains about the Fed's rate hike decision. Certares Real Estate Hospitality Fund : Certares closes its first real estate fund with $284 million in equity commitments, investing in 10 U.S. hotels. Hilton and Travel + Leisure face mixed responses from investors. JD Power study highlights staff service as the highest contributor to guest satisfaction in hotels.

The earnings calendar accelerated in both the REIT and C-Corp section in the past 24 hours. Hyatt received the most attention with a clean beat but then some concerns creeping in. Host Hotels had a lousy two days to issue a great report with a clean and positive beat and raise. Summit Hotels came in just under consensus even with a strong top-line performance as higher hotel-level expenses hurt results.