Nashville

The stock market being as ugly as NJ and NY weather this morning probably had a lot more to do with Marriott’s outsized decline than the actual earnings report.

Almost three quarters of Americans plan to either maintain or increase their number of hotel stays in 2024 compared to 2023, and hotels remain the top lodging choice for likely travelers, according to a survey commissioned by the American Hotel & Lodging Association.

Marriott International, Inc. announced plans to further expand its new Apartments by Marriott Bonvoy brand offering with signed agreements in the United States, Italy, and the Kingdom of Saudi Arabia.

The DJIA ended Friday with a gain of 395 points, while NASDAQ was up 255, the S&P 500 rose 59 points and the 10-year treasury yield ticked up a little to 4.15%. Lodging stocks were mostly…

Home2 Suites by Hilton announced its newest property, Home2 Suites by Hilton Phoenix Downtown.

Apple Hospitality REIT declared a regular monthly cash dividend and a special distribution. Bluegreen Vacation Holdings' acquisition by Hilton Grand Vacations moved forward with the expiration of the waiting period under the Hart-Scott-Rodino Act. Several new hotel openings and acquisitions were announced, including AC Hotels by Marriott in Naples, Moxy by Marriott in Houston, IHG's first Garner hotel, and Choice Hotels International's 100th Suburban Studios hotel.

JP Morgan upgraded Choice Hotels to Neutral and shifted Host Hotels, Park Hotels, Ryman Hospitality, and Sunstone Hotels to Neutral, citing less downside in lodging REITs. CoStar forecasts U.S. hotel demand growth of 1.8% in 2024, with occupancy increasing by 1% and room rate growth aligning with inflation, leading to RevPAR growth of 4.8% this year and 4% in 2024. Barclays shifted to Equal Weight on Marriott Vacations, expressing uncertainty in company-specific execution and favoring Hilton Grand Vacations in the timeshare sector.

Truist reports that lodging companies aren't experiencing recession-driven demand declines, with strong group and individual business but weak domestic leisure. Dolly Parton may be venturing into Nashville's hotel market with a $75 million building acquisition, and Toftrees Golf Resort in Pennsylvania announces a $50 million renovation. A new $175 million development in Mishawaka, Indiana, includes apartments, townhomes, and a 125-room hotel.

B.Riley Securities downgraded Ashford Hospitality Trust. US hotel RevPAR increased by 6.3%. Innisfree Hotels acquired Hampton Inn in Florida; Apple Hospitality REIT bought Embassy Suites in Utah. Quality Inn in Cincinnati to become a senior living facility. Ranchhod LLC acquired Country Inn & Suites in North Carolina. JMA Ventures and Machete Group developing a mixed-use project in Orlando. Prospera Hotel plans a new hotel in Seattle. The Charles Hotel in Massachusetts updated suites and dining areas. West Baden Hotel in Indiana undergoing roof repair. Park Hotel in Ireland sold to Bryan Meehan. Como Hotels & Resorts opening new resort in Italy. Host AB sold a majority stake in Swedish hotels. Marriott introduced a new design for Courtyard in Berlin. The Standard International launching The StandardX in Melbourne, Australia.

CBRE forecasts 3.0% RevPAR growth in 2024, driven by improved international travel and economic factors. Lodging stocks were mixed today with SOND biggest mover, down -12%, SHCO and AHT both down -6%, VCSA fell -5%. Various hotel projects announced, including new developments in Las Vegas and North Carolina, renovations in Nashville and Pocono Mountains, and upcoming openings in Florida and Virginia.