Kim Woinski

Upper upscale hotels, the property types most associated with business travel, are well represented in the U.S. development pipeline . According to the American Customer Satisfaction Index Travel Study 2022-2023, satisfaction across all four industries measured, airlines, hotels, car rentals, and online travel agencies, is up . STR reported US lodging data for the week ended 4/15. US hotel RevPAR was up 8.6% year over year.

B of A Securities initiated coverage on Hilton Grand Vacations with a Neutral rating and $50 price target. OYO plans to expand its market presence in the U.S. with an addition of over 100 hotels in CY2023. Morgan Stanley cut their price target on Park Hotels to $13 a share from $14 while maintaining their Equal Weight rating.

CBRE released its US Hotels State of the Union March 2023 Edition . Key takeaways include February marked nine consecutive months of easing inflation. Baird said that with industry wide March RevPAR being better than expected, it de-risked 1Q23 earnings a bit, and the trade is likely higher into the earnings prints. Jefferies said they continue to believe Host Hotels is best-positioned among peers to generate growth and expanding cash flows irrespective of macro challenges and has yet to receive valuation credit.

Blackstone announced the final close of its Blackstone Real Estate Partners X fund with $30.4 billion of total capital commitments, the largest real estate or private equity drawdown fund ever raised. Truist lowered their target price on Pebblebrook Hotel Trust, saying they have concerns over 2024 San Francisco conventions along with rising hotel-level costs. Celebrating its five-year anniversary, the Hard Rock Hotel Dayton Beach in Florida debuted a multimillion renovation including refreshed guestrooms and youth club and revamped memorabilia.

Heading into the upcoming 1Q earnings season, JP Morgan said they expect relative upside in 1Q23 RevPAR results and, for the C-Corps, at least in-line net rooms growth with both operating metrics benefiting from improvements in China. A record number of loyalty program members should help hotel brands lower their customer acquisition costs, increased direct-to-consumer engagement and offset any occupancy shortfalls during an economic downturn. Corporate travel spending is tracking toward full recovery to 2019 levels by 2024 or 2025 , but higher costs and climate concerns will keep trip volumes smaller than pre-pandemic levels in real terms.

Craig-Hallum initiated coverage of LuxUrban Hotels with a Buy rating and a $10 price target. A New York hotel union reached a deal with hotel owners and operators, boosting the wages of hospitality workers by $7.50 an hour, the largest increase in the union’s 100-year history . Beginning this month, Waldorf Astoria Orlando in Florida will undergo a comprehensive, multi-phase re-imagination expected to debut in December 2023.

NewcrestImage has plans to acquire more than 100 hotels this year , reported CoStar. So far in 2023, the company has finalized its purchase of a 45-hotel portfolio in 11 states. Key International and Shaner Hotels announced the grand opening of the 156-suite SpringHill Suites by Marriott Jacksonville Beach Oceanfront in Florida . Midas Hospitality announced the opening of the 170-room Residence Inn by Marriott , the first hotel to be built in Clayton, Missouri, in 30 years.

Rosewood Hotels & Resorts  announced Rosewood Residences Hillsboro Beach , located two miles from both Boca Raton and Pompano Beach, Florida . The Vinoy Resort and Golf Club, Autograph Collection has completed the initial phase of a comprehensive renovation led by Rockwell Group . Simon Property Group purchased the Hampton Inn & Suites at Phillips Place from Phillips Place Hotel Investors for $42 million.

Club Med said it was beginning a new chapter. Taking inspiration from the original Club Med philosophy, creating simple moments of happiness, the lifestyle brand will be providing a more premium, family-friendly and eco-conscious experience. Deutsche Bank initiated coverage on Wyndham Hotels & Resorts with a Buy rating and $79 price target. STR reported US lodging data for the week ended April 1. US hotel RevPAR was up 10.9% year over year.

Sotherly Hotels reported preliminary operating results for 1Q23 for their 10 wholly-owned properties. RevPAR was up 21.4% led by an 11.4% jump in occupancy. Tighter budgets, busy airports, and soaring prices are prompting a more frugal tourist to return . Even high-end travelers are pulling back on their vacation spending, Bloomberg reported. Lightstone announced the April 12 debut of the 37-story, 727-key Moxy & AC Hotels Downtown Los Angeles.