Tribute Portfolio

Stock market indices showed gains on Friday, with DJIA up by 288 points, Nasdaq up by 212 points, and S&P 500 up by 50 points, while the 10-year treasury yield increased to 4.78%. San Francisco saw a significant increase in weekday occupancy, and STR reported a 66.3% occupancy rate for US hotels in September 2023. Several new hotels and renovations were announced, including Aloft Hotel near Fort Lauderdale, Residence Inn in Vail, and the Union Station Nashville Yards.

The 434-room Conrad Seoul, a Hilton-branded hotel in South Korea, is back on the market for $750 million. Hyatt Hotels Corporation has inaugurated the Hyatt Place Kuala Lumpur, Bukit Jalil, Malaysia's first Hyatt Place and the first international hotel in the Bukit Jalil area. Iconic Penang Sdn Bhd is developing the Iconic Marjorie Hotel, a 298-room five-star Marriott property in Penang, Malaysia.

Corporate travel data company TRIPBAM reports a 25% increase in booking volumes for US travel in mid-September compared to 2022, with expectations of a return to pre-Covid levels by the end of the quarter and surpassing them in 2024, albeit slower in tech-heavy San Francisco. The third edition of the Hospitality Industry Sentiment survey shows a shift in expectations, with group demand and major events on the rise, while labor costs and supply challenges remain top concerns for the hotel industry. Various hotels announce renovations and openings, including Le Meridien Tampa, Springhill Suites Truckee, Hotel Dena Pasadena, Omni Charlottesville Hotel, and a new hotel project in East Austin. Nashville International Airport opens a new international arrivals facility, and citizenM appoints Rani Gharbie to lead its Americas expansion. Ennismore aims to change the reputation of all-inclusive resorts, and LEGOLAND Windsor Resort announces a LEGO Woodland-themed holiday village. London & Regional is close to acquiring the Kempinski Hotel Bahia in Estepona, Spain.

China's hotel industry saw a significant year-over-year increase in RevPAR, up 58.1% compared to a decline in the previous year. Hong Kong's tourism sector experienced a gradual recovery, with August visitor arrivals reaching 84% of pre-pandemic levels. Wharf Hotels introduced Maqo, a new premium lifestyle brand, expanding its portfolio and aligning with its "25 by 2025" growth vision. Maqo's inaugural hotel will be in Changsha, China, and it aims to provide unique, edited experiences for its guests.

Truist  reported on its visit to  San Francisco  for the Visit Impact Summit. The good news is that the fall 2023 events are showing improvement. Marriott International  announced the completion of a recent redesign and renovation to the 146-room  Courtyard by Marriott Denver Central Park  in Denver, Colorado . Airbnb  stock received a big lift with the announcement of its  inclusion in the S&P 500 .

Market Movement:DJIA up 26, Nasdaq down 26, S&P 500 down 1, 10-year treasury yield down to 4.25%. Selina Hospitality Woes:Selina Hospitality's stock plunged 41%, facing financial struggles and a revised SEC prospectus. Other lodging stocks also hit new lows. Hotel Industry Highlights: Airbnb's price target raised to $110 by Morgan Stanley. American Hotel & Lodging Association praised new federal travel rates. Blackstone sold three hotels for $64.3 million. Various hotel developments and renovations announced. Hotel La Jolla undergoes $8M renovation. David Meisner rejoins White Lodging as Regional VP.

Market Performance: DJIA, Nasdaq, and S&P 500 experienced declines while the 10-year treasury yield increased. Lodging stocks showed mixed to modestly lower results. BHR traded down to a new low. Hotel Investment Insights: Baird reported on meetings with Xenia Hotels & Resorts' management, highlighting patience required due to leisure trends and Scottsdale renovation disruption. S&P upgraded XHR's ratings based on improved RevPAR and EBITDA outlook. Industry Developments: Hilton plans automatic housekeeping, Courtyard Wichita completes renovation, District Hospitality Partners acquires Westin Annapolis, Cascade Hotel Kansas City to open, Aimbridge to manage Marriott properties, Hyatt introduces Hyatt Studios brand, IHG launches midscale brand Garner, various expansion and renovation projects noted.

Market Summary: DJIA rose 82 points, Nasdaq fell 17, S&P 500 down 1 point, 10-year treasury yield down to 3.85%. Uncertainty remains about the Fed's rate hike decision. Certares Real Estate Hospitality Fund : Certares closes its first real estate fund with $284 million in equity commitments, investing in 10 U.S. hotels. Hilton and Travel + Leisure face mixed responses from investors. JD Power study highlights staff service as the highest contributor to guest satisfaction in hotels.

Bloomberry Resorts ' new integrated resort in Quezon City , Philippines, Solaire Resort North, is facing further delays, potentially pushing the opening from the first quarter of 2024 to the second quarter. Philippines developer Megaworld is set to open the country's largest hotel complex, Grand Westside Hotel, in Manila's Entertainment City, with the first tower opening before the end of the year and the second tower in 2024. Discovery World Corp has opened a five-star resort hotel, Discovery Samal, in Limao, Philippines, featuring 128 hotel suites and extensive facilities, aiming to boost tourist arrivals in the region.

Stock Market Update: DJIA, Nasdaq, and S&P 500 all ended the day with gains, reflecting a broad market RLJ Lodging Trust : Baird reports positive investor meetings, highlighting underappreciated growth outlook and company drivers. Hotel Developments: AC Hotels by Marriott planned in East Memphis , acquisition of Westin Annapolis , and Equinox Hospitality 's acquisition and rebranding of Four Points by Sheraton San Rafael Marin County.