Echo Suites Extended Stay by Wyndham

The earnings parade continues with REITs dominating the past 24 hours. PebbleBrook Hotel Trust reported 4Q results that matched their pre-announcement but gave 1Q guidance that was softer than expected. Sunstone Hotel Investors results came in slightly ahead for 4Q with an extra $10 million insurance gain also put in there. Park Hotels reported strong results even with San Francisco continued weakness. PK said group revenue is back to 83% of pre-pandemic levels.

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  DJIA  rose 61 points,  Nasdaq  was up 50, the  S&P 500  was up 12 points and the  10-year Treasury yield  is quickly rising to where it peaked in June, up another .05 to 3.11%. STR said US RevPAR  for the week ended 8/20 was up 16.9% versus the same week last year. Global hotel groups are holding near-record amounts of cash.  Seven of the best-known hotel groups were collectively sitting on about $7.3 billion in cash and short-term investments as of the end of June .