New York City

North America

Marriott Vacations Announces Increased Quarterly Dividend

Marriott Vacations Worldwide Corporation announced an increase in its quarterly dividend. MCR has acquired the Staybridge Suites Chattanooga Downtown , a five-story, extended-stay hotel in Chattanooga, Tennessee. The DJIA rose 35 points Friday while Nasdaq was down 21, the S&P 500 was down 5 points and the 10-year treasury yield was down .02 to 3.51%.
North America

Hyatt Hotels to Acquire Dream Hotel Group

Hyatt Hotels Corporation and Dream Hotel Group announced an agreement for a Hyatt affiliate to acquire Dream Hotel Group’s lifestyle hotel brand and management platform. Hyatt Hotels Corporation announced the opening of Rancho Pescadero , the first Hyatt branded luxury resort to debut in Todos Santos in Mexico . The Westin Hilton Head Island Resort & Spa , located in South Carolina , has embarked on a $10 million renovation.
North America

Weakening or Strengthening? Hotel Performance Forecasts 

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
North America

U.S. Rates Are Higher But Not Back to 2019

Airbnb saw its rating cut at Baird to Neutral from Outperform. Baird lowered their price target to $100 from $120. The U.S hotel industry reported higher performance from the month prior but weakened comparisons with 2019 , according to October 2022 data from STR . Through Q3 2022 , the U.S. hotel industry exceeded 2019 RevPAR levels by 6.4%, based on data from STR.
North America

REITs Remain Cautious About Corporate Travel

MCG and INN both were up 6% while SVC and SLNA were up 5% each. SOND fell -5% on the day. Xenia Hotels & Resorts announced its board of directors authorized the repurchase of up to an additional $100 million of the company’s outstanding common shares. With the additional authorization U.S. lodging REIT management teams did express concerns about cracks in demand forming with technology customers soon after recent layoff announcements.
North America

The Current State of Vacation Ownership

The DJIA rose 56 points while Nasdaq was up 162, the S&P 500 rose 35 points and the 10 year treasury yield fell .07 to 3.80%. Lodging stocks were modestly higher. Truist published a report on Vacation Ownership following 3Q results from the public companies involved in the segment. Genuine Hospitality announced the opening of Tru by Hilton Naperville Chicago , the first Tru by Hilton in Illinois.
North America

Red Roof Tells Franchise Owners It Is Positioned for Growth

The DJIA fell 211 points while Nasdaq was down 127, the S&P 500 fell 36 points and the 10 year treasury yield was up .05 to 3.87%. Lodging stocks were modestly lower. SLNA was the big mover, down -7%. B.Riley lowered its price target for Braemar Hotels & Resorts to $9 from $12; on Ashford Inc . to $18 from $23 and on Ashford Hospitality Trust to $9 from $12. Red Roof held its 2022 Brand Conference, telling their franchise owners they are positioned for long-term growth.
North America

Marriott and Hilton Increase Share Buyback Authorizations

Lodging stocks were higher again with MCG up 11%, HT up 8%, ABNB up 7%, SLNA up 6% and SVC up another 5%. Both Marriott International and Hilton announced an increase in their share buyback authorizations. Hilton announced its board of directors authorized the repurchase of an additional $2.5 billion of common stock under its existing stock repurchase program.
North America

International Visitors to the U.S. Bring in New Highs

The DJIA rose 334 points, Nasdaq was up 52, the S&P 500 rose 21 points and the 10 year treasury yield was down .09 to 4.13%. Apple Hospitality reported a modest beat with RevPAR up 7.5% versus 3Q19. In September and October APLE bought back a modest amount of stock just above $14 a share. Sunstone Hotel Investors reported a slight 3Q beat. SHO continues to be a buyer of their own stock under $10.
North America

Lodging Stocks Lower Despite Strong Earnings

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.