Springboard Hospitality

Stock market performance: DJIA was up 86 points, Nasdaq up 158 points, and S&P 500 rose 33 points, while lodging stocks mostly declined. Wells Fargo raised target prices on lodging stocks, including RHP, APLE, HST , and DHR , maintaining their ratings. Various hotels underwent renovations, including Courtyard Louisville Airport and Chancellor's House Hotel , while new hotels were announced, such as the Hampton Inn & Suites in Pittsburgh and Riversuites in Philadelphia.

STR reported US RevPAR for the week ended May 13 was down -1.3% year over year, possibly impacted by Mother’s Day timing. CBRE is again raising its forecast for hotel performance this year . The company has revised its forecast for 2023 RevPAR to $97.89, up 6.0% YOY and an increase of $0.43 from its previous forecast. Hilton announced the opening of Canopy by Hilton San Francisco SoMA .

Aloft Hotels announced it has arrived in Playa del Carmen, Mexico , marking the third Aloft hotel in the Caribbean. Two new hotels are being planned by Performance Capital Partners LLC in Surprise, Arizona . A new dual-brand Marriott TownePlace Suites and Marriott Fairfield Inn & Suites. MCR acquired the Hyatt Place Miami Airport East in Miami, FL , marking the company’s ninth hotel in Florida and its first Hyatt hotel.

The DJIA rose 334 points, Nasdaq was up 52, the S&P 500 rose 21 points and the 10 year treasury yield was down .09 to 4.13%. Apple Hospitality reported a modest beat with RevPAR up 7.5% versus 3Q19. In September and October APLE bought back a modest amount of stock just above $14 a share. Sunstone Hotel Investors reported a slight 3Q beat. SHO continues to be a buyer of their own stock under $10.