Reno

San Francisco's largest hotel complex, Hilton San Francisco Union Square and Parc 55, is nearing a sale after over a year in court-appointed receivership.

Many U.S. hotel companies reported earnings, with RLJ Lodging Trust beating estimates but giving a softer forecast, Xenia Hotels missing across the board, and Host Hotels posting a modest beat despite hurricane impacts.

Skyline Investments sold 11 Courtyard by Marriott hotels in the U.S. for $101 million, retaining ownership of three other Courtyard properties, which are up for sale.

A proposed bill in New York City aims to ban nonunion hotels from outsourcing key functions, potentially disrupting hotels that subcontract consumer-facing work to firms that pay employees lower wages for tasks like housekeeping and security.

Pebblebrook Hotel Trust increased their 2024 EBITDA and AFFO outlook despite reducing their RevPAR outlook, anticipating a stronger 2025.

DJIA rose 391 points, Nasdaq up 277, and S&P 500 rose 68, with notable movements in lodging stocks, Hilton, and Marriott. PwC predicts economic challenges for hotels through 2024. CBRE reports mixed trends in the U.S. hotel industry, with RevPAR contraction, short-term rentals gaining market share, and outbound U.S. travelers surpassing inbound. Several hotel developments and expansions are underway, including in Banff, Nashville, and Park City. Hilton expands to Monaco, Marriott brings The Luxury Collection to Greece, and Minor Hotels debuts in Paris. Various hotel acquisitions, developments, and renovations are announced across the United States, reflecting a dynamic and evolving hospitality landscape.

Wedbush initiated coverage on lodging REITs, with Ryman Hospitality and Host Hotels receiving Outperform ratings and price targets of $94 and $19, respectively. Park Hotels and Pebblebrook Hotel Trust were initiated with Neutral ratings and price targets of $13 and $14, respectively. Keybanc downgraded Airbnb's rating to Sector Weight from Overweight. A report by Morning Consult indicates that the "revenge travel" trend may be declining, with travel intentions increasing in some countries but declining in others, particularly in Europe. China is experiencing a significant surge in travel, driven by pent-up demand.

Sonder Holdings announces a 1 for 20 reverse split to maintain its Nasdaq listing, with Selina also considering a reverse split. STR reports US hotel data with a slight increase in US hotel RevPAR but a decrease in Group RevPAR for the week ending 9/16. Various hotel acquisitions and developments are underway, including Omni Hotels & Resorts in Raleigh, Travel + Leisure Co.'s sports-themed resorts, Life House in Palm Springs, and more.

Canada 's construction pipeline has a total of 275 projects and 37,359 rooms, with Ontario and Toronto leading in projects and rooms. Jeff Vinik is selling his share in the company that developed Water Street in Tampa, Florida, to Cascade Investment Fund LLC . Q Group Hospitality is launching a new LGBTQ+ boutique hotel, Queen Las Vegas, in Las Vegas , Nevada, featuring themed rooms and a nightclub.

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 .