Vacasa

Soho House reported mostly in-line estimates. Adjusted EBITDA was in line despite revenue being slightly lower than expectations. Morgan Stanley upped their target price on Hyatt to $142 from $139 while maintaining their Overweight rating. Marriott International announced a 30% increase in their quarterly dividend, to $0.52 a share.

It was a rough one for Airbnb as investors seemed blindsided by their guidance. The 1Q results were in line but ABNB said they expect 2Q bookings to have slower growth . The best thing to be said about Vacasa’s earnings report came from JP Morgan . Their headline was the quarter was better than feared. STR reported US lodging data for the week ended 5/6. US hotel RevPAR was up 8.4% year over year.

InterContinental Hotels Group announced Keith Barr has informed the Board of his decision to step down from his role as Group Chief Executive Officer and from the IHG Board. Playa Hotels & Resorts reported a 1Q beat and repurchased 5 million shares for $42.6 million in 1Q as well as another 2.1 million shares for $20 million in April. During Q1 2023, RevPAR grew 13% compared to 2019 , fueled by higher ADR and growth in business and group demand as well as strong leisure travel, according to JLL’s latest U.S. Hotel Investment Trends report.

Marriott International, Inc . said Monday it had completed its acquisition of the City Express brand portfolio from Hoteles City Express, S.A.B. de C.V. A solid beat and raise was repeated over and over again today by analysts when commenting on Park Hotels & Resorts’ earnings report. Vacasa Inc. has become the second new-age lodging SPAC to receive notice from Nasdaq that if they don’t get their stock price above $1, they could be delisted .

Wyndham Hotels & Resorts received a much better response to their earnings report than Hilton did yesterday. Pebblebrook Hotel Trust kicked off the Lodging REIT earning season with Hersha Hospitality . Hersha Hospitality revenue was in line, EBITDA was lower than expected.

Upper upscale hotels, the property types most associated with business travel, are well represented in the U.S. development pipeline . According to the American Customer Satisfaction Index Travel Study 2022-2023, satisfaction across all four industries measured, airlines, hotels, car rentals, and online travel agencies, is up . STR reported US lodging data for the week ended 4/15. US hotel RevPAR was up 8.6% year over year.

B of A Securities initiated coverage on Hilton Grand Vacations with a Neutral rating and $50 price target. OYO plans to expand its market presence in the U.S. with an addition of over 100 hotels in CY2023. Morgan Stanley cut their price target on Park Hotels to $13 a share from $14 while maintaining their Equal Weight rating.

CBRE released its US Hotels State of the Union March 2023 Edition . Key takeaways include February marked nine consecutive months of easing inflation. Baird said that with industry wide March RevPAR being better than expected, it de-risked 1Q23 earnings a bit, and the trade is likely higher into the earnings prints. Jefferies said they continue to believe Host Hotels is best-positioned among peers to generate growth and expanding cash flows irrespective of macro challenges and has yet to receive valuation credit.

Blackstone announced the final close of its Blackstone Real Estate Partners X fund with $30.4 billion of total capital commitments, the largest real estate or private equity drawdown fund ever raised. Truist lowered their target price on Pebblebrook Hotel Trust, saying they have concerns over 2024 San Francisco conventions along with rising hotel-level costs. Celebrating its five-year anniversary, the Hard Rock Hotel Dayton Beach in Florida debuted a multimillion renovation including refreshed guestrooms and youth club and revamped memorabilia.