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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
Bay Area Hotel Purchased Drop in H1 2022
Any hope the Fed would be slowing down interest rate hikes just went right out the window with today’s inflation numbers. Lodging stocks were hit rather hard. According to Atlas Hospitality Group , during the first half of 2022, the total dollar volume for hotels bought in the Bay Area market in California was $660.5 million, down 66.8% from the $1.99 billion in hotel purchases during the first six months of 2021. Sonesta International Hotels Corporation announced several key developments to support future expansion in Latin America and the Caribbean , including the renewal of its ongoing master franchise relationship with GHL Hoteles. -
North America
Business Travel Will Return to Pre-Pandemic Levels by Late 2023
The DJIA fell 154 points but Nasdaq was flat while the S&P 500 fell 9 points and the 10-year Treasury yield was up .02 to 3.05%. Citigroup upped its price target on Sunstone Hotels to $12 from $10.50. Morgan Stanley upped its price target on Airbnb to $125 from $100. -
North America
Canada’s Hotel Pipeline for Q2 2022
The DJIA fell 58 points, Nasdaq was down 151, the S&P 500 was down 18 points, and the 10-year treasury yield was up .03 to 2.80%. The second half of the earnings season included a sparkler from Hyatt, while IHGwent back to returning money to shareholders with dividends and up to $500 million in share buybacks. According to the recently released Q2 2022 Canada Construction Pipeline Trend Report from Lodging Econometrics , at the close of the quarter, the total construction pipeline in Canada stands at 261 projects.