Marriott International

Let’s go backwards to give you an overview of today’s market. The 10-year treasury yield plunged 0.32 to 3.83%. That is a nearly 8% drop in the yield on a modestly better CPI report. Vacasa reported 3Q results that went over as well with investors as their weak fourth quarter guidance. The LWHA Q3 2022 Major U.S. Hotel Sales Survey includes 119 single asset sale transactions over $10 million which totaled roughly $3.7 billion.

STR reported China hotel RevPAR for the week ended 11/5 was up 4.4% year over year. China’s Covid cases continue to surge with 8,824 new domestic cases reported on Wednesday. The state-run Xinhua news agency said authorities need to take a more targeted approach to tackling Covid outbreaks. Ratings agency Icra said they expect premium hotel inventory in India to increase 3.5% to 4% in the current fiscal year with an addition of around 15,500 rooms amid a recovery in demand.

Hilton Grand Vacations clearly had the best report of the timeshare group with their 3Q results, with a solid beat of estimates. STR reported US hotel RevPAR rose 21.1% year over year for the week ended 11/5. JLL’s Hotels & Hospitality Group released its second annual Hotels Global Asset Management Report outlining tips for profitability and minimizing operational risks.

Goldman Sachs said the Chinese government still needs to keep its Zero-Covid policy until probably the April-June quarter. Some 39 buildings of the No.2 Island of the Ocean Flower Island , an artificial archipelago in Danzhou , South China’s Hainan Province developed by China’s debt-ridden Evergrande Group will be repurposed. Vietnam’s second-biggest listed developer, No Va Land , is firing staff and seeking urgent asset sales.

Marriott International will be adding about 13-14 hotels in India under different brands in the next 12 months. Hong Kong has continued to loosen Covid restrictions , now targeting eventgoers. Hilton announced the signing of an agreement with Wondergrain Exports Private Limited to launch DoubleTree by Hilton Amritsar .

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

Lodging stocks were lower again. SLNA looks like it is going to go down to penny stock status, down another -28% to another new low. The last 24 hours had a barrage of earnings reports and not many of them were taken well. Hyatt was picked as the best of the group even with results some deemed as weaker than expected which says a lot about the other reports. Marriott’s 3Q was in line but net rooms growth was trimmed for the full year with China blamed.

Looking at  India's  hotel sector , JLL  said contracts in  mid-market and budget brands  grew 74% between January and September 2022 as compared to the same period in 2019. Marriott International’s St. Regis Hotels and Resorts brand announced the opening of the St. Regis Goa Resort. Bengaluru-based real estate developer MS Ramaiah Developers and Builders  plans to invest about Rs 1,100 crore over two years across real estate sectors in Karnataka, Goa, and Andhra Pradesh .

Ryman Hospitality Properties beat 3Q EBITDA estimates while giving a small 4Q guidance raise. Lodging stocks were mixed. SOND rose 8% but Selina (SLNA) plunged another -23% and is now down to near where it was in price when they completed the merger with BOA. Timeshare is definitely a mixed bag this earnings season. Following up on TNL’s disappointing results, Marriott Vacations gave a mixed 3Q along with guidance that seems mixed as well.

The rumors about Covid in China  have reached epic proportions including 20,000 people testing positive at the Foxconn plant, thousands of holidaymakers locked in Shanghai Disney and more. Marriott International announced the signing of an agreement with Australian property developers Pelligra Group and Giannarelli Group . IHG Hotels & Resorts has officially opened its first Crowne Plaza Resort in Micronesia.