Vignette Collection

Truist gave their 1Q lodging earnings preview . While they continue to see macro over micro with the main driver/wildcard coming from the economic impact of high interest rates and inflation, at a minimum they expect results to be in-line but more likely ahead. The Kayak Miami Beach hotel could be seized in a $13.68 million foreclosure lawsuit. The ART Hotel Denver, Curio Collection by Hilton announced the completion of its $3 million property-wide refresh to its 165 rooms and suites, 7,500 square feet of flexible meeting and event spaces, fitness center, private dining and public spaces.

The DJIA rose 75 points, Nasdaq was up 117, the S&P 500 gained 12 points and the 10-year treasury yield was down another .09 to 3.41%. Lodging stocks were mixed. Pebblebrook Hotel Trust gave a 1Q operating update, showing the quarter is in line with their recent guidance. Tourism to and from the U.S . has gradually recovered in 2022 without fully returning to pre-pandemic levels, according to the Commerce Department.

Airbnb definitely got a better response from investors on their 4Q earnings report than traditional lodging analysts. Choice Hotels continued the parade with 4Q revenue and EBITDA comfortably above estimates with the Radisson acquisition helping with that. STR reported U.S. lodging data for the week ended 2/11. RevPAR was up 18.9% year over year.

STR reported China hotel RevPAR data for the week ended February 4th. China hotel RevPAR was up 35.6% year over year, despite a tough comp on Chinese New Year timing. InterContinental Hotels Group announced the recent signings of Crowne Plaza Shanghai Snow World and Shanghai Snow World Hotel, Vignette Collection . This is the first Vignette Collection hotel in Greater China. Macau’s Court of First Instance has officially declared the failed luxury hotel, THE 13 , as bankrupt.

Jefferies said the looming recession and stabilizing credit market could be positive for the prospects of timeshare, but with a harder landing not off the table, they see stocks trading at rich valuations. Truist said with earnings season about to kick into gear for the lodging sector, they continue to see macro over micro. Park Hotels and Resorts Inc. closed on the sale of the 508-room Hilton Miami Airport , located in Miami, Florida , for $118.25 million.

The Chinese Ministry of Culture and Tourism announced the country has decided to resume outbound group travel to selected countries including Sri Lanka early next month. The Philippines Dept. of Tourism said it is aiming to attract 4.8 million foreign visitors in 2023, almost double the 2.6 million in 2022. The initial goal in 2022 was 1.7 million arrivals. Sri Lanka Tourism is looking at attracting 1.5 million tourist arrivals for 2023. They are optimistic about achieving revenue of US$2.8 billion from tourism for this year.

Pebblebrook Hotel Trust cut their guidance for 4Q , citing a demand impact from Hurricane Nicole in November and weaker business/leisure demand at the end of that month. STR said US hotel RevPAR the week ended 12/17 was up 12% year over year while up 35% over the week in 2019 . U.S. hotel occupancy for Christmas and New Years mirrors 2019 trends , with warm destinations proving popular according to Amadeus .

Morgan Stanley re-launched coverage on the lodging sector, saying they prefer C-Corps over REITs . Truist updated their estimates and price targets on some hotel names in their coverage. According to the NY Daily News, more than 10,000 Airbnb listings for short-term rentals in New York City are likely to disappear when tight new housing rules take effect next year.

Bloomberg said Fosun is also considering strategic options for French luxury resort chain Club Med SAS and could seek a value of about $1.5 billion for the business. Shanghai Disney Resort remains closed, two weeks after Covid-19 cases caused operations to cease. Marriott International announced plans to expand its select service portfolio in Greater China with the expected addition of 30 hotels in the segment by the end of 2023.