Radisson Red

The DJIA ended the day down 142 points, falling after the Fed press conference after raising rates again. Nasdaq was down 86, the S&P 500 fell 24 points and the 10 year treasury yield was unchanged at 3.50%. Citigroup cut their ratings on Hilton and Marriott to Neutral from Buy. US RevPAR was up 16.7% year over year while RevPAR was up 13.7% versus the same week in 2019.

The number of foreign visitors to Japan rose to nearly 500,000 in October, the first month it fully reopened to overseas visitors after more than two years of being closed due to Covid restrictions. Visitor arrivals to Macau in October totaled 580,333, up just 4% from September despite October being a month with a Golden Week. Radisson Hotel Group is planning to grow its portfolio in India from 140 hotels to 200 in FY24.

Accor said they signed an agreement with Panthers Group for a new five-star Pullman hotel at the Penrith Panthers precinct in Western Sydney . InterContinental Khao Yai is a new resort in Thailand , located in Nakhon Ratchasima province in Khao Yai National Park . IHG , in cooperation with Bao Quan Investment & Construction Joint Stock Company , will open its first Crowne Plaza hotel in Vinh Yen City in the northern province of Vinh Phuc this November.

The DJIA was up 338 points while Nasdaq was up 97, the S&P 500 was up 42 points, while the 10-year treasury yield was down nearly .02 to 4.00%. Evercore ISI Group upped its rating on DiamondRock Hospitality to Outperform from In-Line. US Travel’s latest Business Travel Tracker finds American companies increasingly paring back pandemic-era restrictions on business travel

STR reported China hotel RevPAR was up 48.2% year over year against very easy comps. When compared with this week in 2019, RevPAR was down -20.4%. Absolute occupancy in China last week was 59.1% versus 43.1% in the same week last year. Chengdu reported 1,000 Covid cases and the Southwestern city in China has pretty much been sealed off. About 70% of the flights have been suspended to and from the city. Hong Kong is targeting an end to hotel quarantine in November , ahead of a summit of global bankers and an international rugby competition.