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North America
Wyndham and Hilton Beat Earnings Expectations
Wyndham and Hilton kicked off the lodging earnings season, both with solid reports. It was an interesting day with the DJIA up 3 points but Nasdaq down 228. Don’t you love earnings season? Meanwhile, hotel RevPAR for the week ended 10/22 was up 27.8%, according to STR . -
North America
Strong Recovery Indicators for Remainder of 2022
The DJIA dropped 1.54%, Nasdaq fell 2.84%, the S&P 500 declined 2.11% and the 10-year treasury yield rose slightly, to 3.76%. After an outstanding summer of travel, Amadeus’ Agency360 and Demand360 data sources are showing strong recovery indicators for the remainder of 2022 and evidence of growing traveler confidence as the sector looks towards 2023. Service Properties Trust announced it entered into a purchase and sale agreement to sell 16 Marriott branded hotels totaling 2,155 keys for $137.3 million. -
North America
Business Travel Shows No Sign of a Recession
The DJIA fell another 0.6% on Tuesday, Nasdaq was down 0.1%, the S&P 500 fell 0.5% and the 10-year treasury yield rose to 3.963%, its peak since 2010. Truist reported on a conference call it held with corporate travel data company Tripbam . Takeaways included that any indications of a recession have not yet shown up in business travel bookings and pricing data . Evercore ISI Group upped its rating on Hyatt to Outperform from In Line. Their price target is $100. -
North America
Peachtree Hospitality Adding 1,500 Rooms to Portfolio
The DJIA fell another 325 points on Monday, Nasdaq was up 0.1%, the S&P 500 fell 0.6% and the 10-year treasury yield rose to 3.88%. Peachtree Hospitality Development is on track to deliver a record year of development achievements. In 2022, PHD opened three select-service hotels, with another hotel slated to open later this year. Embassy Suites by Hilton Washington D.C. Convention Center announced the completion of its $30 million renovation that includes a complete transformation to the hotel featuring a fresh, modern redesign. -
North America
New York City Continues Its Hotel Recovery
The DJIA fell another 313 points, Nasdaq was down 110, the S&P 500 was down 44 points and if you thought mortgages were high before, the 10-year treasury yield was up another .08 to 3.57%. Playa Hotels & Resorts announced its board of directors reauthorized the repurchase of up to $100 million of the company’s outstanding shares. According to Hodges Ward Elliott’s Q2 report , the New York City hospitality sector continues its recovery as travel surges and hotels reopen. -
North America
Canadian Hotels Will Return to Pre-Pandemic Revenues in 2023
The DJIA rose 197 points, Nasdaq was up 87, the S&P 500 rose 27 points and the 10-year treasury yield was up .04 to 3.49%. Hersha Hospitality is the latest lodging REIT to announce they have reinstated their quarterly cash dividend on the common shares. According to CBRE , Canadian hotels will return to pre-pandemic revenues next year, two years ahead of its previous forecast. -
North America
New Hotel Fees Are on the Way
The DJIA ended Friday with a gain of 377 points while Nasdaq was up 250, the S&P 500 rose 61 points and the 10-year treasury yield was up .03 to 3.32%. Lodging stocks were modestly higher. USA Today published a story, actually a prediction that new hotel fees may be popping up . The St. Joe Company and InterMountain Management, LLC announced the commencement of construction on a new hotel in Panama City Beach, FL . -
North America
Business Travel Sentiment Still Lags
The positive start to the day deteriorated quickly with the DJIA ending the day down 308 points, while Nasdaq was down 135 and the S&P 500 fell 44 points. The 10-year Treasury yield ended the day flat at 3.11%. VCSA was the only major mover, down -9% on the day. STR’s consumer research in July 2022 produced telling insights into the state of business travel worldwide. Roughly 400 global business travelers were asked to thank about their likelihood to travel for business both now and when the pandemic is over, the results, remained in negative territory. A recently released Global Travel Association report cites global business travel coming back albeit against significant headwinds. -
North America
Global Hotel Groups Are Sitting on Piles of Cash
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 .