North Carolina

Jefferies downgraded both Marriott and Hilton to Hold , leaving only Wyndham with a Buy rating in their C-Corp coverage. They continue to favor Host Hotels and Hersha Hospitality. 1 Hotel Hanalei Bay is opening on February 15 on Kauai’s north shore. The resort will be the flagship hotel for 1 Hotels. The DJIA fell 113 points, Nasdaq was up 66, the S&P 500 was down 3 points and the 10-year treasury yield was down .05 to 3.52%. How was that for a mixed market?

The DJIA rose 701 points on Friday while Nasdaq was up 264, the S&P 500 rose 87 points and the 10 year treasury yield was down .15 to 3.57% Braemar Hotels & Resorts Inc. expects to report occupancy of approximately 64% for the fourth quarter of 2022 with an ADR of approximately $469 resulting in RevPAR of approximately $301. Ashford Hospitality Trust, Inc. expects to report occupancy of approximately 68% for the fourth quarter of 2022 with an ADR of approximately $175 resulting in RevPAR of approximately $118.

The DJIA fell 350 points, Nasdaq was down 154, the S&P 500 fell 45 points and the 10-year treasury yield was up .01 to 3.72%. Mizuho cut their price target on Airbnb to $110 from $125. They maintained their Neutral rating on the stock. STR reported US lodging data for the week ended 12/31. US hotel RevPAR was up 4.2% year over year while up 35.6% versus the same week in 2019.

On Friday lodging stocks ended higher: BHR rose 12% while AINC was up 7%. SOND fell -7% on the day. Raymond James downgraded Pebblebrook Hotel Trust and Xenia Hotels & Resorts to Market Perform from Outperform while cutting Sunstone Hotel Investors to Underperform from Market Perform. Ryman Hospitality also announced they were boosting their quarterly dividend, declaring the 4Q dividend of $0.25 per share.

STR reported US lodging data for the week ended 11/19. US hotel RevPAR was up 20.1% year over year while up 19.3% for the same week in 2019. Following weeks of preliminary groundwork, construction has finally begun on the new Moxy Asheville - North Carolina’s first Moxy Hotel. Hilton Worldwide Holdings Inc . is partnering with Proof & Co.’s beverage consultancy arm to revamp the bar experience at all of its Waldorf Astoria properties.

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.

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.

Lodging stocks were mostly lower. SOND was up 6% but that was pretty much it for any type of positive movement.  MCG fell another -11%, SLNA was down -7%, SOHO and ABNB both fell -5%. JP Morgan lowered their rating on Membership Collective Group to Neutral from Overweight. JPM said their downgraded was based on MGC’s exposure to Europe. Los Cabos Tourism Board announced unprecedented growth in tourism arrivals is expected by the end of 2022 with more than 3.3 million visitors.

Either investors did not like Membership Collective Group’s earnings report, their management changes or both but the stock got crushed today, down -19%. STR reported US lodging data for the week ended 11/12. US RevPAR was up 19.4%, year over year. The Development Review Committee for Pompano Beach, Florida , is considering the site plan for a 1.1-acre property for which MHG Hotels proposed a Homewood Suites by Hilton hotel.

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.