North America

Chatham Lodging Trust announced its board of trustees reinstated their common dividend, announcing a fourth-quarter common share dividend of $0.07 per common share. Park Hotels & Resorts announced a $0.25 per share fourth-quarter cash dividend. $0.12 per share of that represents the fourth quarter payment based on 2022 results. Lodging stocks were modestly higher. The only big mover of note was MCG , up 8%.

Morgan Stanley cut their rating on Airbnb to Underweight from Equal Weight, slashing its target price to $80 from $100. Marriott International announced plans to introduce more than 35 luxury hotels in 2023 to its portfolio of luxury brands. STR reported US lodging data for the week ended 12/3. Hotel RevPAR was up 11.7% year over year while up 1.2% versus 2019.

The DJIA  fell 351 points while Nasdaq was down 225, the S&P 500 fell 58 points and the 10 year treasury yield was down .09 to 3.51%. What happened to the Santa Claus Rally? Braemar Hotels & Resorts Inc. reported preliminary portfolio occupancy of approximately 64% for November 2022 with an ADR of approximately $394 resulting in RevPAR of approximately $253. Marriott International, Inc . announced the completion of an $11 million dollar revitalization of its 395-room Falls Church Marriott Fairview Park , in Falls Church, Virginia .

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.

Marriott Vacations Worldwide Corporation announced an increase in its quarterly dividend. MCR has acquired the Staybridge Suites Chattanooga Downtown , a five-story, extended-stay hotel in Chattanooga, Tennessee. The DJIA rose 35 points Friday while Nasdaq was down 21, the S&P 500 was down 5 points and the 10-year treasury yield was down .02 to 3.51%.

Truist gave their observations on the latest forward-looking booking and pricing trends for US hotels and checks with contacts. STR’s global “bubble chart” update through November 19, 2022 showed the strongest performance of the year thus far. The U.S. Travel Association’s latest biannual travel forecast shows a downgrade in international inbound travel for the remainder of this year and for 2023.

For a change, the markets went up when Fed Chief Powell spoke. They interpreted his commentary and body language as blinking, that the bulk of the interest rate hikes are over. STR said  US hotel RevPAR  the week ended November 26 was  down -0.1% year over year . Cambria Hotels  announced the  opening of its six-story, 121-room location in downtown Minneapolis  to complete the newly constructed dual-hotel building.

Hyatt Hotels Corporation and Dream Hotel Group announced an agreement for a Hyatt affiliate to acquire Dream Hotel Group’s lifestyle hotel brand and management platform. Hyatt Hotels Corporation announced the opening of Rancho Pescadero , the first Hyatt branded luxury resort to debut in Todos Santos in Mexico . The Westin Hilton Head Island Resort & Spa , located in South Carolina , has embarked on a $10 million renovation.

Raymond James warned that inflation and a dimming economic outlook could begin to weigh on travel starting in the fourth quarter. STR and Tourism Economics adjusted occupancy slightly downward but maintained previous projections for ADR and RevPAR in their final U.S. hotel forecast revision of 2022. Following seasonal patterns, Canada’s hotel performance fell from the month prior but the ADR and RevPAR were higher than the pre-pandemic comparables

STR reported US lodging data for the week ended 11/19. US hotel RevPAR was up 20.1% year over year while up 19.3% for the same week in 2019. Following weeks of preliminary groundwork, construction has finally begun on the new Moxy Asheville - North Carolina’s first Moxy Hotel. Hilton Worldwide Holdings Inc . is partnering with Proof & Co.’s beverage consultancy arm to revamp the bar experience at all of its Waldorf Astoria properties.