Newmark Lodging Capital Markets

The CBRE August 2024 U.S. Hotels report highlights slowing GDP growth, moderate consumer risks, declining CMBS borrowing rates, and mixed performance in hotel occupancy, RevPAR, and travel metrics.

The DJIA ended its winning streak with a 237-point drop, Nasdaq was down 77, and the S&P 500 fell 29 points. The 10-year treasury yield surged by 0.16, closing at a yield of 4.01%. Wyndham reported positive results, with its development pipeline rising and a significant stock buyback. Accor raised its annual profit outlook despite being slightly below analyst expectations. Senators Klobuchar and Moran introduced the Hotel Fees Transparency Act , aiming to crack down on hidden resort fees. They propose federal guidelines for pricing transparency in hotel stays.

In a day that was everything that was expected, the financial indexes and individual stocks were whipsawed. B.Riley lowered their price target on Ashford Hospitality Trust to $6.50 from $9. They maintained their Neutral rating. Jon Bortz , chairman of Pebblebrook Hotel Trust has been on a bit of an insider buying spree the past few weeks. He has purchased a total of 64,000 shares between 2/28 and 3/9 at prices ranging from $14.30 to $14.67.

The Fed Sell Off continues in the financial markets as the DJIA fell another 486 points on Friday, Nasdaq was down 199, the S&P 500 fell 65 points and the 10-year treasury yield was down .01 to 3.70%. In New York City, the Skift (parent company of this publication) conference generated a lot of headlines, the biggest one being Barry Diller of IAC once again trashing working from home. Lodging stocks are hitting new lows, while RevPAR continues to impress.