California

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 .

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%.

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.

MCG and INN both were up 6% while SVC and SLNA were up 5% each. SOND fell -5% on the day. Xenia Hotels & Resorts announced its board of directors authorized the repurchase of up to an additional $100 million of the company’s outstanding common shares. With the additional authorization U.S. lodging REIT management teams did express concerns about cracks in demand forming with technology customers soon after recent layoff announcements.

The DJIA rose 56 points while Nasdaq was up 162, the S&P 500 rose 35 points and the 10 year treasury yield fell .07 to 3.80%. Lodging stocks were modestly higher. Truist published a report on Vacation Ownership following 3Q results from the public companies involved in the segment. Genuine Hospitality announced the opening of Tru by Hilton Naperville Chicago , the first Tru by Hilton in Illinois.

Let’s go backwards to give you an overview of today’s market. The 10-year treasury yield plunged 0.32 to 3.83%. That is a nearly 8% drop in the yield on a modestly better CPI report. Vacasa reported 3Q results that went over as well with investors as their weak fourth quarter guidance. The LWHA Q3 2022 Major U.S. Hotel Sales Survey includes 119 single asset sale transactions over $10 million which totaled roughly $3.7 billion.

Lodging stocks were mixed. Choice (CHH) was the big loser, down -9%, while MCG was down -7% and AINC fell -6%. Choice Hotels received a mixed response to their 3Q earnings report from analysts and a big thumbs down from investors. Hilton announced the opening of its two-hundredth hotel in the Caribbean and Latin America, Waldorf Astoria Cancun , a 173-room luxury resort set on 100 acres of coastline.

Lodging stocks were lower again. SLNA looks like it is going to go down to penny stock status, down another -28% to another new low. The last 24 hours had a barrage of earnings reports and not many of them were taken well. Hyatt was picked as the best of the group even with results some deemed as weaker than expected which says a lot about the other reports. Marriott’s 3Q was in line but net rooms growth was trimmed for the full year with China blamed.