North America
Two Perspectives on Hotel Recovery
The DJIA fell 139 points on Friday while Nasdaq was down 104, the S&P 500 fell 28 points and the 10-year treasury yield was down .01 to 3.45%.
Citigroup cut its rating on IHG Hotels & Resorts to Sell from Neutral. Citi believes the incomplete recovery in corporate travel will weigh on IHG’s RevPAR.
Berenberg , on the other hand, sees hotels as the top travel play . The brokerage firm says concerns about the hotel industry are overblown and the outlook for RevPAR for 2023 and 2024 will strengthen further.