Canada

Wedbush initiated coverage on lodging REITs, with Ryman Hospitality and Host Hotels receiving Outperform ratings and price targets of $94 and $19, respectively. Park Hotels and Pebblebrook Hotel Trust were initiated with Neutral ratings and price targets of $13 and $14, respectively. Keybanc downgraded Airbnb's rating to Sector Weight from Overweight. A report by Morning Consult indicates that the "revenge travel" trend may be declining, with travel intentions increasing in some countries but declining in others, particularly in Europe. China is experiencing a significant surge in travel, driven by pent-up demand.

Market Performance: DJIA fell 5 points, Nasdaq rose 128, and S&P 500 increased by 16 points; lodging stocks underperformed consumer and leisure stocks. Jefferies Nantucket Conference: Lodging companies report moderation in leisure demand, strength in group business, and mixed recovery of business transient; limited conviction impacting strategies and stock performance. Hotel Industry Updates: Canada's hotel industry shows improved performance; various hotels undergo renovations, acquisitions, and openings across different locations.

Wyndham Hotels & Resorts received a much better response to their earnings report than Hilton did yesterday. Pebblebrook Hotel Trust kicked off the Lodging REIT earning season with Hersha Hospitality . Hersha Hospitality revenue was in line, EBITDA was lower than expected.

TD Cowen upped their price targets on Hilton to $142 from $140 and Marriott to $172 from $170. HVS gave their findings from the Hunter Conference . HVS said early 2023 comparisons continue to look favorable with easy comparisons in 1Q due to last year’s Omicron outbreak. Canada’s hotel performance increased from the previous month, with February RevPAR exceeding C$100 for the first time on record

Gordon Haskett downgraded Airbnb to Underperform from Hold. They lowered their price target to $87 from $94. The firm also cut their rating on Booking.com to Hold from Buy. STR reported US lodging data for the week ended 1/21. RevPAR was up 26.2% year over year while up 5.6% versus 2019. The DJIA  rose 9.88 points, or little change. Nasdaq fell 0.2%; S&P 500 was barely changed. The 10-year Treasury yield fell to 3.461%.

The DJIA rose 133 points while Nasdaq was up 72, the S&P 500 was up 29 points and the 10 year treasury yield was down .08 to 3.71%. Canada’s hotel performance came in lower than the month prior but showed improved comparisons to 2019, according to STR ‘s November 2022 data. Kolter Urban is planning to build a Ritz-Carlton Hotel Residences in Sarasota Bay, Florida .

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

Hilton Grand Vacations clearly had the best report of the timeshare group with their 3Q results, with a solid beat of estimates. STR reported US hotel RevPAR rose 21.1% year over year for the week ended 11/5. JLL’s Hotels & Hospitality Group released its second annual Hotels Global Asset Management Report outlining tips for profitability and minimizing operational risks.

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.