Ryman Hospitality Properties

Park Hotels & Resorts announced a quarterly cash dividend of $0.15 and a special top-off dividend of $0.78, totaling nearly $635 million returned to shareholders in 2023. R New and renovated Holiday Inn properties opened in Mansfield, Ohio, and Milwaukee, Wisconsin. LuxUrban Hotels signed agreements to operate two New York City hotels.

Truist remains optimistic about US hotel demand and RevPAR, favoring C-Corp stocks like HLT, MAR, and H, and recommending Hyatt and Ryman Hospitality among REITs. Hilton is expanding in Baja California, Mexico with Tapestry Collection hotels. Ashford Hospitality Trust faces lawsuits over loan defaults. Accor announced executive appointments and a new hotel in Poland with Allenort Group.

Hilton's Curio Collection is set to reach its 150th hotel milestone by the end of 2023, with notable openings in various global locations, including Kenya, Vietnam, Monaco, Australia, and Argentina. Sun Hill Properties announced plans for a new 395-key hotel next to the Hilton Los Angeles/Universal City, aimed at accommodating the 2028 Olympics. The Marriott Sanibel Harbour Resort & Spa in Florida announced the opening of a newly transformed spa and renovated guestrooms and restaurants.

As of November 11, 2023, 79% of markets showed growth in Revenue Per Available Room (RevPAR) compared to 2019, with leadership positions shifting from Europe to other regions as the Northern Hemisphere approaches winter. New York City led U.S. hotel sales in the last three months with transactions totaling $1.35 billion, despite a significant decrease in overall disclosed hotel transaction volume in 2023 compared to 2022. Several key hotel developments and acquisitions include KSL Capital Partners acquiring Hersha Hospitality Trust, the opening of the avid hotel Chattanooga South - Ringgold, and proposed sales like the Hyatt Place Pittsburgh Airport hotel.

Morgan Stanley favors C-Corps over hotel REITs for their growth potential and downside protection, while Barclays upgraded Park Hotels and Resorts due to its high dividend yield. Choice Hotels missed estimates, and the potential acquisition by Wyndham remains uncertain, with suggestions for possible negotiation tactics.   Various hotels reported earnings and developments, with openings, auctions, and construction plans in different regions, including California, Texas, and North Carolina.

Choice Hotels has urged Wyndham Hotels to consider a merger, but Wyndham has firmly declined any interest in the proposal. The chairman of Wyndham revealed they almost acquired Choice Hotels 20 years ago. The U.S. construction pipeline shows growth, with over 5,700 projects and 672,000 rooms, driven by a strong upper midscale chain scale presence. Renovation and conversion projects are on the rise, and new hotel openings are expected to increase in the coming years. Several hotel and resort projects are underway, including Westin Washington, DC Downtown, Opry Entertainment Group's renovation in Austin, Four Seasons expanding its Private Retreats collection, and Tommy Bahama's debut resort in California. Additionally, new developments in Florida, Rhode Island, and Indiana are on the horizon.

Truist expects strong international and group earnings in 3Q lodging reports but weak domestic leisure. CoStar reports higher hotel performance in September 2023, with New York City leading in occupancy. Several hotel transactions and developments are mentioned, including Omni Pontoque Resort and Alt Hotel Calgary University District.

Wedbush initiated coverage on lodging REITs, with Ryman Hospitality and Host Hotels receiving Outperform ratings and price targets of $94 and $19, respectively. Park Hotels and Pebblebrook Hotel Trust were initiated with Neutral ratings and price targets of $13 and $14, respectively. Keybanc downgraded Airbnb's rating to Sector Weight from Overweight. A report by Morning Consult indicates that the "revenge travel" trend may be declining, with travel intentions increasing in some countries but declining in others, particularly in Europe. China is experiencing a significant surge in travel, driven by pent-up demand.

Barclays expects a weak quarter for lodging REITs in 3Q23 and adjusted price targets for several hotel stocks. Various hotels across the US, including Marriott Vail and Signia by Hilton Atlanta, are undergoing construction or renovation. Hyatt Hotels plans to launch a vacation rental platform, Homes & Hideaways, while Sonesta opens a new hotel in Houston and Mandarina Oriental expands into Zurich.

Stock market indices, including DJIA, Nasdaq, and S&P 500, experienced declines on Friday, with the 10-year treasury yield also dropping notably. Some lodging companies reported mixed earnings, with Apple Hospitality , RLJ , and Sunstone Hotel Investors beating expectations, while DiamondRock Hospitality and Playa Hotels missed estimates. Several hotel chains, including Wyndham Hotels & Resorts and LuxUrban Hotels, Inc. , are making expansion deals, and various hotel properties are undergoing renovations and acquisitions in different locations.