Florida

CBRE has lowered its U.S. hotel performance forecast for 2024 due to weakening leisure travel and corporate profits but still expects RevPAR growth driven by international tourism and election-related events.

Hyatt is set to sell the Hyatt Regency Orlando for approximately $1.02 billion to Ares and RIDA Development, with Hyatt retaining a preferred equity interest and a 30-year management agreement.

The CBRE August 2024 U.S. Hotels report highlights slowing GDP growth, moderate consumer risks, declining CMBS borrowing rates, and mixed performance in hotel occupancy, RevPAR, and travel metrics.

Truist reported that Lodging Econometrics expects steady hotel supply growth rates through 2026, supporting Ryman Hospitality with minimal new competition in large convention hotels.

Choice Hotels missed earnings expectations and lowered RevPAR guidance, but maintained EBITDA guidance and continued significant stock buybacks.

Key events included DiamondRock Hospitality's upgrade, Hyatt and Apple Hospitality lowering guidance, and IHG reporting strong new room signings despite challenges in China.

Quarterly reports were mostly positive, but the week ended on a down note as hospitality stocks were down across the board.

The DJIA rose 99 points while Nasdaq surged 452, the S&P 500 rose 86 points and the 10-year treasury yield was down .03 to 4.11%. Lodging stocks were modestly higher, did much better due to the…

A proposed bill in New York City aims to ban nonunion hotels from outsourcing key functions, potentially disrupting hotels that subcontract consumer-facing work to firms that pay employees lower wages for tasks like housekeeping and security.

Deloitte's 2024 Corporate Travel Report indicates rising corporate travel spending driven by increased prices and trip frequency, with significant growth expected through live events and client-related travel, alongside efforts in cost mitigation and sustainability progress.