Truist Securities

The Q4 2024 Global Hotel Construction Pipeline Trend Report shows a record-high global hotel construction pipeline, led by the U.S. and China, and forecasts continued growth through 2026.

CoStar forecasts modest U.S. RevPAR and ADR growth through 2027—with luxury and upper upscale segments leading—despite real RevPAR remaining below 2019 levels.

Vacasa is reviewing an unsolicited $5.25-per-share acquisition proposal while maintaining its existing merger with Casago at $5.02 per share, with its board recommending the merger as it evaluates whether the new bid is superior.

Truist projects 2025 will closely resemble 2024’s hotel performance—with modest RevPAR growth, potential M&A, and continued cost pressures for REITs—while favoring Wyndham and Ryman Hospitality.

Choice Hotels is revitalizing its Radisson Hotels Americas brand with new visual identities, enhanced guest experiences, and significant renovations at key properties.

Choice Hotels International issued an investor presentation that they said disputed the false and misleading antitrust claims made by Wyndham Hotels & Resorts in connection with CHH’s attempt to acquire WH.

Truist reports that lodging companies aren't experiencing recession-driven demand declines, with strong group and individual business but weak domestic leisure. Dolly Parton may be venturing into Nashville's hotel market with a $75 million building acquisition, and Toftrees Golf Resort in Pennsylvania announces a $50 million renovation. A new $175 million development in Mishawaka, Indiana, includes apartments, townhomes, and a 125-room hotel.

Truist expects strong international and group earnings in 3Q lodging reports but weak domestic leisure. CoStar reports higher hotel performance in September 2023, with New York City leading in occupancy. Several hotel transactions and developments are mentioned, including Omni Pontoque Resort and Alt Hotel Calgary University District.

JP Morgan expects strong international performance in 3Q23 RevPAR, net rooms, and pipeline growth, particularly driven by ADR gains. Truist discusses potential challenges and concerns in the Choice Hotels and Wyndham Hotels deal, including antitrust issues and franchisee resistance. US hotel industry reports a modest 0.8% YoY increase in RevPAR, with ADR compensating for soft occupancy; group RevPAR up 0.9% for the week ending 10/14.

DJIA fell 174 points, Nasdaq down 85, S&P 500 down 27, and 10-year treasury yield surged to 4.71%. Financial analysis by JP Morgan on Marriott Vacations Worldwide, noting risk factors and a Neutral rating. Acquisitions by Apple Hospitality REIT, renovations of Marriott properties, and promotions at Noble House Hotels & Resorts, KSL Resorts, JLL's Value and Risk Advisory platform, and Auberge Resorts Collection.