Xenia Hotels & Resorts

The Fed Chief made it pretty clear there will be no interest rates lowered for some time and the markets seemed to like the certainty.

Travel + Leisure Co. has closed the acquisition of the vacation ownership business of Accor. The acquisition is expected to be immediately accretive to Travel + Leisure Co. earnings.

At the close of 2023, analysts state that the total global construction pipeline stands at 15,196 projects and 2,367,727 rooms, a 7% increase in projects and a 3% increase in rooms year-over-year.

Hilton announced a new exclusive partnership with AutoCamp to offer Hilton guests an experience that blends the spirit of an iconic outdoor adventure with the hospitality and design-forward thinking of a boutique hotel.

Jefferies upgraded Park Hotels to Buy from Hold, reflecting positive changes like the removal of their San Francisco assets. Meanwhile, they downgraded Choice Hotels to Underperform from Hold due to concerns over its acquisition strategy, specifically regarding Wyndham Hotels. Apple Hospitality REIT, Inc. announced the acquisition of the Springhill Suites by Marriott Las Vegas Convention Center for approximately $75 million. Bradford Allen Hospitality acquired two hotel properties in Riverhead, New York, planning significant renovations for both. PEG Companies opened The Moxy in the historic Luhrs Building in downtown Phoenix, Arizona. Hawkeye Hotels commenced construction of a Fairfield Inn & Suites in downtown Spartanburg, South Carolina, targeting a spring 2025 opening.

STR reported a 3.3% increase in U.S. Hotel RevPAR, led by a 4.5% rise in ADR and a 5.1% increase in Group RevPAR. Deutsche Bank provided a cautious 2024 outlook for the hotel industry, highlighting a balanced risk-reward scenario with potential bull and bear cases. Keybanc reduced their price target on Xenia Hotels & Resorts, while Truist offered a differing view on Airbnb compared to Barclays.

Marriott International, Hyatt, CBRE, Xenia Hotels & Resorts, Airbnb, and others, experienced shifts in ratings, acquisitions, and expansions. Renovations & Openings: Numerous hotels underwent renovations, expansions, and rebranding across cities like Boca Raton, Key West, and Tempe. Ongoing projects in Virginia, Alabama, and Texas showcase substantial financial commitments, indicating growth and expansion in these regions.

Earnings reports from various hotel and hospitality companies have mixed results, with Marriott International and Hyatt facing disappointment, while Park Hotels, Chatham Lodging Trust, Host Hotels, RLJ Lodging Trust, and Summit Hotel Properties pleased investors. Hyatt Hotels plans to double its brand footprint in Canada with 23 new hotels by 2026, including airport locations and Hyatt Centric and Hyatt House properties. Various hotel acquisitions, openings, and renovations are announced, including the launch of Pendry Tampa and Pendry Residences Tampa, and the renovation of L'Ermitage Beverly Hills. Selina Hospitality faces financial challenges and seeks to restructure its debt.

Hilton Worldwide Holdings Inc has entered into a partnership with Hallmark Channel to create Christmas-themed suites inspired by Hallmark’s “Countdown to Christmas” movies. The Waldorf Astoria Las Vegas has completed phase one of a multimillion-dollar property-wide transformation. This includes a redesign of all 389 guestrooms and suites and upgrades to meeting and event spaces. Margaritaville Resort Lake Tahoe, located in South Lake Tahoe, California, has announced its December 14th opening date. The transformation of the former Lake Tahoe Resort Hotel into a Margaritaville property cost over $70 million.

PEB reported better-than-expected 3Q results, but concerns arose from their commentary about a cooling US leisure demand and a weak 4Q guidance. Accor anticipates full-year RevPAR growth of over 20%, with strong 3Q RevPAR growth in the Middle East, Africa, and Asia Pacific segments. Various hotel developments were announced, including a Marriott conversion in New Orleans, renovations in Indian Wells, a hotel sale in Boston, and plans for a new luxury brand in San Miguel de Allende, among others.