Orlando

JP Morgan gave their 2023 lodging outlook presentation, saying they see the REITs as relative underperformers versus the C-Corps. They see Wyndham Hotels and Hyatt Hotels as relative out performers within lodging. The DJIA rose 186 points while Nasdaq was up 107, the S&P 500 rose 27 points and the 10-year treasury yield was up .10 to 3.62%. Lodging stocks were higher. Barclays said December lodging RevPAR ended on a strong note, very notable after Pebblebrook Hotel Trust’s guidance cut during the month.

Yesterday, Pebblebrook Hotel Trust lowered guidance for 4Q results and shook up the industry a bit. Today, Ryman Hospitality did the opposite. Lodging stocks were mostly lower with a long list of new lows, many of them REITs. New lows were set by PEB, PK, AHT, SHO, XHR, ABNB and VCSA Marriott International announced that long-time executive Stephanie Linnartz is leaving the company, effective February 24, 2023.

Pebblebrook Hotel Trust cut their guidance for 4Q , citing a demand impact from Hurricane Nicole in November and weaker business/leisure demand at the end of that month. STR said US hotel RevPAR the week ended 12/17 was up 12% year over year while up 35% over the week in 2019 . U.S. hotel occupancy for Christmas and New Years mirrors 2019 trends , with warm destinations proving popular according to Amadeus .

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.

Hilton Grand Vacations clearly had the best report of the timeshare group with their 3Q results, with a solid beat of estimates. STR reported US hotel RevPAR rose 21.1% year over year for the week ended 11/5. JLL’s Hotels & Hospitality Group released its second annual Hotels Global Asset Management Report outlining tips for profitability and minimizing operational risks.

Lodging stocks were mixed. AINC was up 5% while the biggest mover was to the downside with VCSA falling -14%. Morgan Stanley lowered their price target on Airbnb to $105 from $125. MS maintained their Equal Weight rating. Xenia Hotels & Resorts sold the 115-room Celebration Hotel to Vision Hospitality Group .

The DJIA surged 749 points on Friday while Nasdaq was up 245, the S&P 500 rose 87 points and the 10 year treasury yield was down .01 to 4.21%. Lodging stocks were modestly higher. According to September 2022 data from STR , Middle East & Africa was the only world region to show an increase in overall hotel pipeline activity at the end of the third quarter. IHG Hotels & Resorts reported a good 3Q, with RevPAR up 28% year over year and up 2.7% from 3Q19. The problem is they also announced Paul Edgecliffe-Johnson is leaving his CFO position.

The DJIA fell 100 points, Nasdaq was down 92, the S&P 500 was down 25 and the reason for the punch bowl being taken away from the recent rally was the 10 year treasury yield spiking. STR said US RevPAR was up 26.7% year over year for the week ending 10/15. A new analysis projects U.S. hotel leisure travel revenue to be 14% higher by the end of this year than it was in 2019.

The DJIA was up 338 points while Nasdaq was up 97, the S&P 500 was up 42 points, while the 10-year treasury yield was down nearly .02 to 4.00%. Evercore ISI Group upped its rating on DiamondRock Hospitality to Outperform from In-Line. US Travel’s latest Business Travel Tracker finds American companies increasingly paring back pandemic-era restrictions on business travel

The 10-year treasury yield was up .20 today to 3.71%. Do we need to tell you what happened to stocks? The DJIA was down 107, Nasdaq was down 153, the S&P 500 was down 32. Truist reported on meetings they held with the management of Wyndham Hotels . Demand trends remain favorable and while management is closely monitoring bookings, length of stay, cancellation rates and such, they see no immediate cause for concern. As recent demand for hotel rooms breaks records and prices skyrocket, hotel investors are taking notice as 80% of them plan on buying throughout the remainder of 2022 and into 2023 .