Concord Hospitality

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 .

BofA Securities initiated coverage on Marriott Vacations with a Neutral rating and a $180 price target. The Wall Street Journal published an article on how hotel companies are stepping up efforts to lure competitors’ hotels to their own brands. The article referenced Hilton’s new Spark by Hilton brand. We had heard those concerns about upcoming maturities from Service Properties Trust when we were positive about their resumption of the previous dividend, giving them an 11% yield at the time.

The DJIA rose 701 points on Friday while Nasdaq was up 264, the S&P 500 rose 87 points and the 10 year treasury yield was down .15 to 3.57% Braemar Hotels & Resorts Inc. expects to report occupancy of approximately 64% for the fourth quarter of 2022 with an ADR of approximately $469 resulting in RevPAR of approximately $301. Ashford Hospitality Trust, Inc. expects to report occupancy of approximately 68% for the fourth quarter of 2022 with an ADR of approximately $175 resulting in RevPAR of approximately $118.

On Friday lodging stocks ended higher: BHR rose 12% while AINC was up 7%. SOND fell -7% on the day. Raymond James downgraded Pebblebrook Hotel Trust and Xenia Hotels & Resorts to Market Perform from Outperform while cutting Sunstone Hotel Investors to Underperform from Market Perform. Ryman Hospitality also announced they were boosting their quarterly dividend, declaring the 4Q dividend of $0.25 per share.

The DJIA  fell 351 points while Nasdaq was down 225, the S&P 500 fell 58 points and the 10 year treasury yield was down .09 to 3.51%. What happened to the Santa Claus Rally? Braemar Hotels & Resorts Inc. reported preliminary portfolio occupancy of approximately 64% for November 2022 with an ADR of approximately $394 resulting in RevPAR of approximately $253. Marriott International, Inc . announced the completion of an $11 million dollar revitalization of its 395-room Falls Church Marriott Fairview Park , in Falls Church, Virginia .

Let’s go backwards to give you an overview of today’s market. The 10-year treasury yield plunged 0.32 to 3.83%. That is a nearly 8% drop in the yield on a modestly better CPI report. Vacasa reported 3Q results that went over as well with investors as their weak fourth quarter guidance. The LWHA Q3 2022 Major U.S. Hotel Sales Survey includes 119 single asset sale transactions over $10 million which totaled roughly $3.7 billion.

The DJIA was up 338 points while Nasdaq was up 97, the S&P 500 was up 42 points, while the 10-year treasury yield was down nearly .02 to 4.00%. Evercore ISI Group upped its rating on DiamondRock Hospitality to Outperform from In-Line. US Travel’s latest Business Travel Tracker finds American companies increasingly paring back pandemic-era restrictions on business travel