-
North America
International Visitor Spending in the U.S. Surges, Fueling Hotel Industry Growth
DJIA, Nasdaq, and S&P 500 experienced gains, while the 10-year treasury yield decreased. Spending by international visitors in the U.S. increased significantly compared to the previous year, leading to a trade surplus in travel and tourism. Several hotels underwent renovations or acquisitions, and new hotels were announced in various locations across the United States. -
North America
Travel Industry Sees 40 Percent YoY Decline in Deal Activity
Stock market: DJIA down 245 points, Nasdaq down 22, S&P 500 down 21 points Decline in travel and tourism deal activity: 41% YoY decline, all deal types registered a decline in volume Hotel transactions: Several hotels sold, renovated, or under development in different locations -
North America
Kayak’s Hotel May Be Seized in a $13 Million Foreclosure Lawsuit
Truist gave their 1Q lodging earnings preview . While they continue to see macro over micro with the main driver/wildcard coming from the economic impact of high interest rates and inflation, at a minimum they expect results to be in-line but more likely ahead. The Kayak Miami Beach hotel could be seized in a $13.68 million foreclosure lawsuit. The ART Hotel Denver, Curio Collection by Hilton announced the completion of its $3 million property-wide refresh to its 165 rooms and suites, 7,500 square feet of flexible meeting and event spaces, fitness center, private dining and public spaces. -
North America
Red Roof to Add 50 Properties This Year
Red Roof will open 50 properties, new builds and conversions , in 2023, representing 60% year-on-year growth. The Greater Las Vegas Short-Term Rental Association wants the Supreme Court to rule on the constitutionality of short-term rental regulations in Clark County, Nevada. The newly minted penny stocks, VCSA and SOND, both traded down to new lows, dropping another -4% and -7% respectively. SLNA hit a new low, down another -7%. -
North America
Insider Buying at Lodging Companies
Despite the jitters and dire predictions we have been hearing for getting close to a year, lodging demand remains consistent with any concern of deterioration stemming from headline economic risk not yet manifesting in fundamentals. Baird reported on something we touched on recently, insider buying at lodging companies . A majority of the U.S. corporate travel buyers expect their company’s business travel to ramp up and return to pre-pandemic levels by the end of 2023 -
North America
The Earnings Parade Continues
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. -
North America
Morgan Stanley Sees Airbnb’s Property Supply Slowing
Morgan Stanley cut their rating on Airbnb to Underweight from Equal Weight, slashing its target price to $80 from $100. Marriott International announced plans to introduce more than 35 luxury hotels in 2023 to its portfolio of luxury brands. STR reported US lodging data for the week ended 12/3. Hotel RevPAR was up 11.7% year over year while up 1.2% versus 2019. -
North America
Marriott Vacations Announces Increased Quarterly Dividend
Marriott Vacations Worldwide Corporation announced an increase in its quarterly dividend. MCR has acquired the Staybridge Suites Chattanooga Downtown , a five-story, extended-stay hotel in Chattanooga, Tennessee. The DJIA rose 35 points Friday while Nasdaq was down 21, the S&P 500 was down 5 points and the 10-year treasury yield was down .02 to 3.51%. -
North America
Weakening or Strengthening? Hotel Performance Forecasts
Raymond James warned that inflation and a dimming economic outlook could begin to weigh on travel starting in the fourth quarter. STR and Tourism Economics adjusted occupancy slightly downward but maintained previous projections for ADR and RevPAR in their final U.S. hotel forecast revision of 2022. Following seasonal patterns, Canada’s hotel performance fell from the month prior but the ADR and RevPAR were higher than the pre-pandemic comparables -
North America
The Current State of Vacation Ownership
The DJIA rose 56 points while Nasdaq was up 162, the S&P 500 rose 35 points and the 10 year treasury yield fell .07 to 3.80%. Lodging stocks were modestly higher. Truist published a report on Vacation Ownership following 3Q results from the public companies involved in the segment. Genuine Hospitality announced the opening of Tru by Hilton Naperville Chicago , the first Tru by Hilton in Illinois.