Savannah

Hampton by Hilton announced a new North American prototype and the unveiling of a refreshed global brand identity, with key updates for both Hampton Inn and Hampton Inn & Suites.

Home2 Suites by Hilton announced its newest property, Home2 Suites by Hilton Phoenix Downtown.

Braemar Hotels (BRH) and Ashford Hospitality Trust (AHT) reported 3Q results, with BRH missing estimates due to its resort/leisure focus, experiencing a -7.1% decline in RevPAR growth. AHT's results exceeded expectations, especially in urban assets, with a 4% growth in RevPAR. Hersha Hospitality shareholders approved a $1.4 billion, all-cash deal for KSL Capital Partners to acquire the hotel REIT, taking them private. The deal, valued at $10 per share, is expected to close in the current quarter. The Global Hotel Investor Sentiment Survey by JLL revealed a surge in lodging demand, with global RevPAR up 10.2% relative to 2019. Key findings include 81% of investors planning to be net buyers, a preference for urban markets (84%), and a focus on luxury and select-service hotels. Investors anticipate a rise in hotel pricing per key and face challenges like the cost of capital, rising insurance costs due to climate risk, and deferred capital expenditures.  

Hilton outperforms in US lodging earnings season, with impressive results and a strong development pipeline. Dream Las Vegas project shows signs of revival as financing issues are being resolved. Club Med announces a series of exciting international resort developments and a shift to exclusive 4 and 5-star offerings.

IHG reported strong earnings, including a 10.5% increase in Group RevPAR, but disappointed shareholders by deferring capital returns. The US group business is rebounding well, with top markets nearly fully recovered to 2019 levels. Prominent cities like Austin, Nashville, and Denver exceeded 2019 figures. Various hotel developments and acquisitions are ongoing in different locations, reflecting the industry's resilience and growth prospects. Notably, TMGOC Ventures secured approval to introduce the first Ritz-Carlton in Savannah.

DJIA and Nasdaq dropped significantly, 10-year yield surged, and lodging stocks declined. U.S. hotel industry saw lower occupancy but improved year-over-year comparisons. Peachtree Group announced multiple hotel acquisitions and new development projects, while other hotels are under renovation and expansion.

DJIA, Nasdaq, and S&P 500 all experienced declines while the 10-year treasury yield rose to 4.32%. Lodging stocks had mixed performance. Truist updated price targets for lodging/hotel group stocks, with several adjustments both up and down. Various hotels announced renovations, expansions, and new locations, including the Westin Denver Downtown, Hyatt's growth plans, and the EV Evolution Venue Hotel in Tampa and Washington, DC.

Major indices, including DJIA, Nasdaq, and the S&P 500, experienced significant drops. BHR reached a new low, and Bernstein and B.Riley adjusted ratings and price targets for several key hotels. Hotel Transactions & Development**: Numerous hotel properties underwent ownership changes, refinancing, or development, with notable mentions like the Delta Hotels by Marriott New York Times Square and the Four Seasons Private Residences Las Vegas nearing completion. Aimbridge Hospitality strengthened its team, Melia Hotels announced multiple openings in Mexico, and Selina Hospitality launched a new location in Evia, Greece.

Demolition of Tahoe Biltmore Lodge to make way for Waldorf Astoria Lake Tahoe. Several new hotel openings and renovations announced across the U.S., including projects in Palm Beach, Milwaukee, Crowley, and Southwest Mesa. STR and Tourism Economics adjusted their 2023-24 U.S. hotel forecast, with a noted global ADR increase in 2022. Truist revised its target price for VAC but retained its Buy rating. Truist reduced its target price for VAC to $190 from $219 due to Marriott Vacations' subpar quarterly outcomes and revised guidance, yet kept a Buy rating.

The DJIA rose 27 points while Nasdaq was up 71, the S&P 500 was down 12 points, and the 10-year treasury yield was up .08 to 4.03%. MAR was up about 1.45% at the close.