U.S. hotels and travel companies are focusing on a surge in Indian tourists to offset declining domestic leisure spending and reduced demand from East Asia and Europe.
The DJIA surged 749 points on Friday while Nasdaq was up 245, the S&P 500 rose 87 points and the 10 year treasury yield was down .01 to 4.21%. Lodging stocks were modestly higher.
According to September 2022 data from STR , Middle East & Africa was the only world region to show an increase in overall hotel pipeline activity at the end of the third quarter.
IHG Hotels & Resorts reported a good 3Q, with RevPAR up 28% year over year and up 2.7% from 3Q19. The problem is they also announced Paul Edgecliffe-Johnson is leaving his CFO position.
