Parks Hospitality Group

Hilton Grand Vacations is acquiring Bluegreen Vacations for approximately $1.5 billion, expanding its membership base and resort portfolio. HEI Hotels & Resorts takes over management of the Renaissance Times Square hotel in New York. Hyatt is collaborating with Parks Hospitality Holdings to develop four new properties in Mexico, including the Park Hyatt Cancun and Grand Hyatt Mexico Santa Fe.

JP Morgan downgraded IHG Hotels & Resorts from Neutral to Underweight, favoring Premier Inn owner Whitbread in the European hotels sector. Canada has 275 hotel construction projects with 37,780 rooms in its pipeline, with 22 new projects announced in Q3. Ontario leads with 160 projects, and Toronto has the most projects with 61. A total of 16 new hotels opened in the first three quarters of 2023, with more expected in the last quarter and beyond. The latest GBTA Business Travel Outlook Poll reports that domestic business travel bookings have reached 75% of 2019 levels, while international bookings are at 70%. Spending on domestic business travel is at 77%, and international spend is at 74%.

STR reported a week ending September 23rd with a 1.2% increase in US hotel RevPAR and a 1.8% rise in Group RevPAR. Barclays lowered price targets for Travel + Leisure to $38 and Marriott Vacations to $118 while maintaining their respective ratings. Marriott International revealed a three-year growth plan, targeting the addition of 230,000 to 270,000 net rooms by 2025 and emphasizing global portfolio expansion and RevPAR growth.

TD Cowen increased price targets for Hilton and Marriott, maintaining Outperform ratings. U.S. international travel spending surged in July 2023, with a trade surplus of $777 million. Various hotel developments and management changes were announced, including HEI Hotels & Resorts’ management of Aloft Tampa Downtown and plans for new properties in New Brunswick and Denver, as well as a significant renovation of The Olana mansion in Texas.

Raines announced they acquired HP Hotels , a full-service, third party hotel management company. Raines said this will result in operational expansion throughout the Southeast and Southwestern U.S. The Courtyard by Marriott Long Beach Downtown announced the addition of two Topgolf Swing Suites at their 216-room hotel. Borgata Hotel Casino & Spa , in Atlantic City, New Jersey , is embarking on a $55 million redesign and rebranding of The Water Club, in time for the resort’s twentieth anniversary.

Lodging stocks were higher led by AHT, up another 10%. ABNB and PLYA were both up 7% on the day while VCSA was up 6% and HST rose 5%. Truist gave their 2023 lodging preview , saying they see a mixed bag for demand/pricing/supply trends for the lodging companies. Similar to the past nine months, they see “macro over micro” at the moment. DiamondRock Hospitality said their preliminary 4Q22 comparable revenue grew 23.4% year over year and 8.5% compared to 2019.

The DJIA fell 347 points while Nasdaq was down 75, the S&P 500 fell 39 points and the 10-year treasury yield was up .07 to 3.83% STR said US hotel RevPAR the week ending 10/1 was up 22.6% year over year , helped by Hurricane Ian and the holiday shift. According to the latest UNWTO World Tourism Barometer , international tourist arrivals almost tripled from January to July 2022 (+172%) compared to the same period in 2021