Puerto Rico

Marriott International, Hyatt, CBRE, Xenia Hotels & Resorts, Airbnb, and others, experienced shifts in ratings, acquisitions, and expansions. Renovations & Openings: Numerous hotels underwent renovations, expansions, and rebranding across cities like Boca Raton, Key West, and Tempe. Ongoing projects in Virginia, Alabama, and Texas showcase substantial financial commitments, indicating growth and expansion in these regions.

Choice Hotels made an offer to acquire Wyndham Hotels and Resorts, which was rejected. The situation may lead to a proxy fight. Marriott and MGM's partnership launch delayed to early 2024 due to a cyber attack on MGM and the complexity of the integration, which includes the creation of the MGM Collection with Marriott Bonvoy. Hyatt introduces the Wellbeing Collective, offering tailored wellbeing experiences at 30+ hotels globally, with plans to expand in 2024.

Stock market indices showed gains on Friday, with DJIA up by 288 points, Nasdaq up by 212 points, and S&P 500 up by 50 points, while the 10-year treasury yield increased to 4.78%. San Francisco saw a significant increase in weekday occupancy, and STR reported a 66.3% occupancy rate for US hotels in September 2023. Several new hotels and renovations were announced, including Aloft Hotel near Fort Lauderdale, Residence Inn in Vail, and the Union Station Nashville Yards.

Stock market: DJIA fell 233 points, Nasdaq rose by 53 points, and S&P 500 increased by 4 points Federal Reserve: Paused interest rate hikes but anticipates at least two more in the next 6 months, causing confusion in the financial markets Lodging industry: SOND experienced a notable decline of -7%, while other lodging stocks were modestly lower. Various hotel companies reported on post-pandemic themes, opportunities for rate growth, and potential impacts of a recession scenario.

The big news was a rumor with the Wall Street Journal reporting Choice Hotels is making a move to acquire Wyndham Hotels & Resorts . Truist upped their price target on Hyatt Hotels to $149 from $145. This follows H’s Investor Day and the tours of Apple Leisure Group resorts. Pebblebrook Hotel Trust gave their monthly update saying for 2Q23, overall demand and profitability trends continue to remain within expectations .

Blackstone announced the final close of its Blackstone Real Estate Partners X fund with $30.4 billion of total capital commitments, the largest real estate or private equity drawdown fund ever raised. Truist lowered their target price on Pebblebrook Hotel Trust, saying they have concerns over 2024 San Francisco conventions along with rising hotel-level costs. Celebrating its five-year anniversary, the Hard Rock Hotel Dayton Beach in Florida debuted a multimillion renovation including refreshed guestrooms and youth club and revamped memorabilia.

Hilton announces plans to double its hotel portfolio in Puerto Rico by 2027, with the addition of seven new properties. The expansion will create around 2,100 new jobs and contribute to the island's economic recovery following the devastation caused by Hurricane Maria in 2017. Hilton's investment in Puerto Rico's tourism industry is a sign of the company's confidence in the island's potential as a destination for both leisure and business travelers.

The DJIA rose 75 points, Nasdaq was up 117, the S&P 500 gained 12 points and the 10-year treasury yield was down another .09 to 3.41%. Lodging stocks were mixed. Pebblebrook Hotel Trust gave a 1Q operating update, showing the quarter is in line with their recent guidance. Tourism to and from the U.S . has gradually recovered in 2022 without fully returning to pre-pandemic levels, according to the Commerce Department.

The biggest surprise of this earnings season is how bullish analysts seem to be coming out of it. Lodging Econometrics released its Q4 year-end Global Construction Pipeline Trend Report . At the close of 2022, LE analysts state that the total global construction pipeline stands at 14,267 projects with 2,298,846 rooms. The 473-room, La Concha Resort , in San Juan, Puerto Rico, has joined Marriott International’s Autograph Collection .

Truist lowered target prices on their vacation ownership names despite publishing a positive report on their beat and raise quarters along with the continued return of capital. STR and Tourism Economics adjusted occupancy downward but lifted projections once again for ADR in the revised U.S. hotel forecast just presented at the Hotel Data Conference . Mission Hill Hospitality has acquired the Courtyard by Marriott Lenox and Hampton Inn & Suites Berkshire-Lenox , located in the heart of the Berkshire region of Western Massachusetts.