South Carolina

The  DJIA  dropped 1.54%,  Nasdaq  fell 2.84%, the  S&P 500  declined 2.11% and the  10-year treasury yield  rose slightly, to 3.76%. After an outstanding summer of travel,  Amadeus’  Agency360 and Demand360 data sources are showing  strong recovery indicators for the remainder of 2022  and evidence of growing traveler confidence as the sector looks towards 2023. Service Properties Trust  announced it entered into a purchase and sale agreement to sell  16 Marriott branded hotels  totaling 2,155 keys for $137.3 million.

The  DJIA  rose 230 points while  Nasdaq  was up 154, the  S&P 500  rose 43 points and the  10-year treasury yield  was up .04 to 3.36%. Lodging stocks were modestly higher. IHG’s hack appears to be a lot worse than the ones at other hotels as the ransomware attack may very well impact their 3Q results as they continue to have their online reservation system crippled by the attack. Watermark Lodging Trust  said the proposed acquisition of the company by private real estate funds managed by  Brookfield  was approved by its stockholders.

The  DJIA fell 184 points, Nasdaq was down 124, the S&P 500 was down 27 points and the 10-year treasury yield was up .08 to 3.11%. Wells Fargo made a few changes to their coverage of lodging names . They cut their ratings on Hersha Hospitality, DiamondRock Hospitality and Pebblebrook Hotel Trust to Equal Weight from the previous Overweight ratings Four Seasons Hotels and Resorts unveiled its new brand creative platform, Luxury Is Our Love Language , celebrating the brand’s unique and energetic perspective on the definition of luxury.

According to July 2022 data from STR , the U.S. hotel industry reported record-high monthly room rates on a nominal basis. Raymond James believes the recovery in global travel still has plenty of room to run. They believe this is the earliest stage of what is set up to be a multi-year fundamental recovery in global travel. A 13-F filing from Sunstone Hotels showed Blackstone Group had taken a 4.1% stake in SHO.