Hihotels by Hospitality International Expands Portfolio
Skift Take
Hospitality International's hihotels brand has added eight new properties across five states, encompassing a mix of acquisitions and new constructions.
Mizuho lowered price targets on some hotel names under their coverage. They lowered their target price on Marriott to $260 from $263 while maintaining their Neutral rating. They kept their Buy ratings on Hilton and Hyatt but lowered HLT’s target price to $242 from $245 and Hyatt to $195 from $197.
The U.S. hotel industry reported higher performance results from the previous month, but mixed comparisons year over year, according to March 2024 data from CoStar. March 2024 (percentage change from March 2023): Occupancy: 63.7% (-2.5%) ADR: $159.79 (+0.4%) RevPAR: $101.81 (-2.2%). Among the Top 25 Markets, Miami experienced the highest levels in each of the three key performance metrics: Occupancy: (2.3% to 83.%) ADR: (-0.6% to $284.14) and RevPAR (+1.6% to $237.25). Markets with the lowest occupancy for the month included Minneapolis (54.7%) and Detroit (55.1%). The Top 25 Markets showed higher occupancy
