Denver

Pebblebrook Hotel Trust cut their guidance for 4Q , citing a demand impact from Hurricane Nicole in November and weaker business/leisure demand at the end of that month. STR said US hotel RevPAR the week ended 12/17 was up 12% year over year while up 35% over the week in 2019 . U.S. hotel occupancy for Christmas and New Years mirrors 2019 trends , with warm destinations proving popular according to Amadeus .

Overall, stocks gave back most of their pre-market gains. Lodging stocks wound up mixed on the day. Commonwealth Hotels acquired the 120-suite Residence Inn Houston-West University and the 100-room Courtyard by Marriott Houston-West University. Aimbridge Hospitality announced the expansion of its portfolio with the addition of three extended stay properties recently acquired by Three Wall Capital, LLC.

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%.

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.

The markets brightened their mood somewhat on Wednesday. The  DJIA rose 1.89%, Nasdaq was up 2.05%, the S&P 500 climbed 1.96% and the 10-year treasury yield had its steepest one-day drop since March 2009. STR reported US lodging data for the week ended 9/24. Hotel RevPAR was up 30.3% year over year while up 13.7% when compared with the same week in 2019. Dajia Insurance Group Co has put three hotels in the US up for sale, hoping to generate US$1.3 billion to take advantage of an expected surge in leisure travel and resort business.

The positive start to the day deteriorated quickly with the DJIA ending the day down 308 points, while Nasdaq was down 135 and the S&P 500 fell 44 points. The 10-year Treasury yield ended the day flat at 3.11%. VCSA was the only major mover, down -9% on the day. STR’s consumer research in July 2022 produced telling insights into the state of business travel worldwide. Roughly 400 global business travelers were asked to thank about their likelihood to travel for business both now and when the pandemic is over, the results, remained in negative territory. A recently released Global Travel Association report cites global business travel coming back albeit against significant headwinds.

Truist lowered target prices on their vacation ownership names despite publishing a positive report on their beat and raise quarters along with the continued return of capital. STR and Tourism Economics adjusted occupancy downward but lifted projections once again for ADR in the revised U.S. hotel forecast just presented at the Hotel Data Conference . Mission Hill Hospitality has acquired the Courtyard by Marriott Lenox and Hampton Inn & Suites Berkshire-Lenox , located in the heart of the Berkshire region of Western Massachusetts.