A Wave of Hotel REITs Reported Earnings
Photo Credit: Fitness equipment at Sugar Beach a Viceroy Resort Highgate
Skift Take
Late last week, hotel REITs in the U.S. released an avalanche of earnings and investors were in a good mood again.
Stocks rose on Friday with the DJIA up 564 points, Nasdaq up 267, the S&P 500 up 83 points, and the 10-year treasury yield up .09 to 4.32%. Lodging stocks were higher with BHR up 7%, RHP, XHR, HGV and INN up 6% each and TNL rising 5% on the day.
If it seems that a massive amount of earnings reports were given within 40 hours, you are correct. Xenia Hotels & Resorts reported solid results but also an increase in their quarterly dividend by 17% to $0.14 per share. They repurchased 2.733 million shares in 1Q for $35.8 million. Ryman Hospitality reported a 1Q beat with Total RevPAR up 9.1%. They lowered RevPAR guidance by 100 basis points but kept Adjusted EBITDA/AFFO unchanged. Pebblebrook Hotel Trust beat 1Q estimates on operating costs. Remember, PEB was impacted by the Los Angeles hotel fires. They modestly lowered guidance. PEB bought back 1.2 million shares in the quarter for $13.3 million, with an additional 112,000 shares bought back i
