Tennessee

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.

In an amazing recovery from over 700 points down, the DJIA ended the day down only 280 points while Nasdaq rallied to end up 6. Vacasa’s stock price plunged well into penny stock category, joining Sonder, before recovering somewhat, ending the day down -25%. Braemar Hotels & Resorts and Ashford Hospitality Trust both issued press releases, clarifying that their cash holdings are safe . STR reported US lodging data for the week ended 3/11. US hotel RevPAR was up 11.1% year over year.

In a day that was everything that was expected, the financial indexes and individual stocks were whipsawed. B.Riley lowered their price target on Ashford Hospitality Trust to $6.50 from $9. They maintained their Neutral rating. Jon Bortz , chairman of Pebblebrook Hotel Trust has been on a bit of an insider buying spree the past few weeks. He has purchased a total of 64,000 shares between 2/28 and 3/9 at prices ranging from $14.30 to $14.67.

Baird lowered their price target on Wyndham Hotels & Resorts to $86 from $88 while maintaining their Outperform rating. Barclays cut their rating on Hyatt Hotels to Equal Weight from Overweight. They cut their price target to $125 from $130. They upped Hilton to an Overweight rating from Equal Weight. Travel + Leisure Co . announced their upped their quarterly dividend per share to $0.45 per share from $0.40.

RLJ Lodging Trust reported in-line results with some limited guidance they gave in January at ALIS. Summit Hotel Properties reported 4Q results ahead of estimates with strong earnings contributions from the recently acquired properties, including NewcrestImage. Argus Research upped their rating on Airbnb to Buy from Hold with a $144 price target.

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 .

Lodging stocks were mostly lower on Friday. PLYA bucked the trend with an 8% gain on stronger-than-expected earnings. SOND was down another -8%, VCSA fell -7% and SLNA traded down to yet another new all-time low. Besides Playa Hotels’ strong results, Ryman Hospitality Properties took part in the winding down of earnings season with results that were better than their December update. HRI Hospitality announced the topping out of its new hotel project, Tempo by Hilton Nashville Downtown .

According to STR , Phoenix’s hotel RevPAR is forecasted to reach $419 for February 10-12, which would be the second-highest level for a Super Bowl weekend . On Friday lodging stocks were lower. SOND was the biggest mover, down -8% while ABNB was down -5% on the day. White Lodging announced the renaming of its new Autograph Collection hotel in San Antonio, Texas , formerly known as The Otis Hotel .

Lodging stocks were higher. SLNA topped the list with a 10% gain followed by AHT and VCSA, both up 6%. We start today’s newsletter on a sad note as many of you probably heard that Bruce White , the founder and chairman of White Lodging , passed away at the age of 70. Pebblebrook Hotel Trust gave a January operations update and include an update on 4Q preliminary results. Remember they roiled the Lodging REIT stocks when they preannounced weaker than expected 4Q results.

After 25 consecutive months of year-over-year declines, U.S. hotel construction increased slightly in December. Wells Fargo cut their price target on Airbnb to $130 from $165. They maintained their Overweight rating. STR said US hotel RevPAR the week ended 1/14 was up 33.1%. RevPAR was up 9.4% versus the same week in 2019.