Arizona

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.

Wells Fargo initiated coverage on Hyatt, Hilton, and Marriott, favoring operators targeting group and high-end travel, with strong growth outlooks and reasonable valuations. They predict a 3%-4% RevPAR growth in 2024. Accor added Hotel Andra Seattle to its portfolio and plans for new MGallery properties. International tourism is nearing pre-pandemic levels, with a 38% increase in travelers in 2023 compared to 2022. The Middle East leads the recovery, while Europe, Africa, and the Americas show significant improvement.

Truist remains optimistic about US hotel demand and RevPAR, favoring C-Corp stocks like HLT, MAR, and H, and recommending Hyatt and Ryman Hospitality among REITs. Hilton is expanding in Baja California, Mexico with Tapestry Collection hotels. Ashford Hospitality Trust faces lawsuits over loan defaults. Accor announced executive appointments and a new hotel in Poland with Allenort Group.

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.

U.S. hotel RevPAR rose by 4.9% for the week, with rates up by 4%. Group RevPAR also increased by 13.3%. Truist adjusted ratings and target prices: lowered ratings for some companies (e.g., Bluegreen Vacations), raised target price for Bluegreen Vacations, and decreased target prices for Hilton Grand Vacation, TNL, and VAC. A significant decline in deals across travel and tourism sectors globally during January-October 2023 compared to the same period in 2022, affecting various regions and deal types.

The DJIA rose 205 points while Nasdaq was up 122, the S&P 500 rose 31 points and the 10 year treasury yield was flat at 4.84%. Lodging stocks were higher. We did see another new low…

Jefferies downgraded Marriott Vacations to "Hold" from "Buy" and reduced their target price, expressing concerns over the macroeconomic outlook, particularly in consumer credit and interest rates. The 2023 survey from the Hospitality Asset Managers Association indicates optimism about RevPAR's return to 2019 levels, while various hotels announce new completions, renovations, and sales across the U.S. Key personnel appointments are announced in major hotel groups, and international brands like Wyndham, Accor, and Hyatt unveil expansion plans and new properties in locations such as Barbados, France, and Spain.

DJIA and Nasdaq dropped significantly, 10-year yield surged, and lodging stocks declined. U.S. hotel industry saw lower occupancy but improved year-over-year comparisons. Peachtree Group announced multiple hotel acquisitions and new development projects, while other hotels are under renovation and expansion.

B of A Securities gives IHG Hotels & Resorts a Buy rating. Sonder announces a 1-for-20 reverse stock split. Hyatt plans to expand with over 30 new hotels in the Americas by 2025, emphasizing luxury, resort, and lifestyle rooms. Miraval Resorts unveils its spa after a $60 million renovation. Raffles Boston and The Fontainebleau Las Vegas announce their openings.

DJIA, Nasdaq, and S&P 500 all experienced declines while the 10-year treasury yield rose to 4.32%. Lodging stocks had mixed performance. Truist updated price targets for lodging/hotel group stocks, with several adjustments both up and down. Various hotels announced renovations, expansions, and new locations, including the Westin Denver Downtown, Hyatt's growth plans, and the EV Evolution Venue Hotel in Tampa and Washington, DC.