Marriott International

Hotel RevPAR in China surged by 77.2% year over year due to Golden Week, with a 53.2% increase compared to 2019. Japan's hotel industry saw an elevated average daily rate in July but struggled with occupancy recovery. Melbourne's hotel industry reported a decline in RevPAR in September despite increased occupancy, and October occupancy is on par with the previous year.

Stock market performance: DJIA up 66 points, Nasdaq up 97, S&P 500 up 19 points, and 10-year treasury yield down to 4.60%. Lodging industry updates: US hotel RevPAR increased 5.2%, Group RevPAR was up 29.5%. Stifel lowered target price on Wyndham Hotels & Resorts, while Exane BNP Paribas downgraded IHG Hotels & Resorts. International travel data: International visitors spent $19.0 billion on US travel in August 2023, with a trade surplus of $1.8 billion. Travel and tourism accounted for 7.4% of US exports of goods and services in August 2023.

Chinese tourists flocked to the Middle East during Golden Week, benefiting destinations like Dubai, Thailand, and Singapore. Plans were unveiled for a hotel in Braddon, Australia, with a unique design inspired by canyons, featuring 119 suites and retail tenancies. Accor plans to open 30 new properties in India, focusing on tier 2 and tier 3 cities, introducing additional brands like Swissotel, Movenpick, and Handwritten Collection.

CBRE U.S. Hotels State of the Union (October 2023) shows August RevPAR declined by -0.7%, with a -1.7% occupancy drop. Total revenue growth outpaced RevPAR growth in July by 2.5%. U.S. loan origination decreased, and hotel job openings continue to decline. Hotel rates are expected to rise globally in 2024, with potential increases of up to 17.5% in some cities, according to American Express Global Business Travel's Hotel Monitor 2024. The Baird/STR Hotel Stock Index was down -2% in September. Year-to-date, the Hotel Brand sub-index increased by 23%, while the Hotel REIT sub-index decreased by -1.5%.

Macau's Golden Week holiday saw a surge in visitors, with over 932,000 arrivals and high hotel occupancy rates, mainly driven by mainland Chinese tourists. Indonesia plans a significant expansion in its tourism sector, aiming to attract up to $8 billion in investments for specific destinations. Several new hotel properties by Accor and Hilton are announced in countries including Australia, Vietnam, Sri Lanka, and Malaysia.

Stock market indices showed gains on Friday, with DJIA up by 288 points, Nasdaq up by 212 points, and S&P 500 up by 50 points, while the 10-year treasury yield increased to 4.78%. San Francisco saw a significant increase in weekday occupancy, and STR reported a 66.3% occupancy rate for US hotels in September 2023. Several new hotels and renovations were announced, including Aloft Hotel near Fort Lauderdale, Residence Inn in Vail, and the Union Station Nashville Yards.

Jefferies downgraded Marriott Vacations to "Hold" from "Buy" and reduced their target price, expressing concerns over the macroeconomic outlook, particularly in consumer credit and interest rates. The 2023 survey from the Hospitality Asset Managers Association indicates optimism about RevPAR's return to 2019 levels, while various hotels announce new completions, renovations, and sales across the U.S. Key personnel appointments are announced in major hotel groups, and international brands like Wyndham, Accor, and Hyatt unveil expansion plans and new properties in locations such as Barbados, France, and Spain.

U.S. hotel industry saw positive growth in RevPAR and rates for the week ending September 30, with Group RevPAR showing significant improvement. Rosewood Hotels & Resorts is expanding its branded residence portfolio especially in Europe. Various hotel projects and developments are underway in different locations, including downtown Springfield, Norfolk, San Antonio, Beaufort, and Las Vegas, with a range of amenities and timelines.

Wedbush initiated coverage on lodging REITs, with Ryman Hospitality and Host Hotels receiving Outperform ratings and price targets of $94 and $19, respectively. Park Hotels and Pebblebrook Hotel Trust were initiated with Neutral ratings and price targets of $13 and $14, respectively. Keybanc downgraded Airbnb's rating to Sector Weight from Overweight. A report by Morning Consult indicates that the "revenge travel" trend may be declining, with travel intentions increasing in some countries but declining in others, particularly in Europe. China is experiencing a significant surge in travel, driven by pent-up demand.

Somm Hotel and Spa in Woodinville, Washington, part of Marriott's Autograph Collection, is set to open in the summer of 2025 as part of a $700 million development. Home2 Suites by Hilton Houston/Katy in Texas completed renovations, featuring upgraded guestrooms and amenities. The Balbin Bros. Cigar Factory in Tampa, Florida, is undergoing transformation into a 70-room boutique hotel, aiming to open by March 2025 while preserving its historical value.