Westin Hotels & Resorts

Financial markets experienced declines with the DJIA falling 187 points and the S&P 500 down 13 points, while Nasdaq dropped 18 points. However, lodging stocks showed mixed to higher performance despite the overall market decline. Ashford Hospitality Trust (AHT) expects to return 19 hotels to lenders in various cities, including Las Vegas and Atlanta, due to missed repayment deadlines on a $982 million mortgage pool. AHT faced negative equity in the properties and opted not to pay for an extension, potentially impacting the hotel industry's debt situation. STR's global "bubble chart" update revealed that 85% of markets saw growth in Revenue Per Available Room (RevPAR) compared to 2019. Occupancy rates played a significant role in driving RevPAR, with coastal countries along the Mediterranean Sea showing strong growth. However, Saudi Arabia experienced the largest decline in RevPAR at 51%.

Market Performance: DJIA fell 5 points, Nasdaq rose 128, and S&P 500 increased by 16 points; lodging stocks underperformed consumer and leisure stocks. Jefferies Nantucket Conference: Lodging companies report moderation in leisure demand, strength in group business, and mixed recovery of business transient; limited conviction impacting strategies and stock performance. Hotel Industry Updates: Canada's hotel industry shows improved performance; various hotels undergo renovations, acquisitions, and openings across different locations.

Hilton, InterContinental, Melia, Wyndham, Accor, Hyatt, and Marriott are among the hotel chains expanding their presence in various cities across Asia-Pacific. New hotel openings and renovations are bringing luxury accommodations and unique experiences to destinations like Hainan Island, Bangkok, Singapore, Tokyo, Sydney , and more. From all-women managed hotels to rooftop pools and innovative dining options, these developments cater to the diverse needs of travelers seeking comfort, convenience, and memorable stays.

Marriott International, Sonesta International Hotel Corporation, and Pyramid Global Hospitality , announced plans for expansion and introduced new brands in different locations, including Latin America, Canada, and several U.S. states. Accor highlighted the progress of its branded residences business, with numerous projects under development worldwide, including Dubai, Australia, and South Korea. The Plasencia Group facilitated the sale of The Westin Tampa Bay, and Dan Hansen returned from retirement to lead Hyatt's new mid-market extended-stay brand, Hyatt Studios, with a significant development pipeline.

Hotel industry news: Renovations, expansions, and openings across various cities, states, and countries. Notable updates include the completion of a multi-million-dollar renovation at The Westin Savannah Harbor Golf Resort & Spa in Georgia. Exciting developments include the opening of the first fully Pixar-themed hotel, Pixar Place Hotel, in Anaheim, California, and the debut of Six Senses Crans-Montana in Switzerland.

Last week BP plc completed the acquisition of TravelCenter of America Inc . Service Properties Trust received $379.3 million in cash as part of the transaction. Sonder Holdings was cut to Perform from Outperform by Oppenheimer and InterContinental Hotels Group was upgraded to Neutral from Sell by Redburn. The Baird/STR Hotel Stock Index rose 1.4% in April from March. The Hotel Brand sub-index rose 2.5% from March while the Hotel REIT sub-index was down -2.6%.

The Hong Kong Tourism Board announced Hong Kong saw a provisional visitor arrival of 1.462 million in February, three times what arrived in January. Indian Hotels Company announced the opening of Ginger Chennai, OMR in Tamil Nadu in India. The World Trade Center Association and the Merlin Group have partnered to develop a World Trade Center in the Nabadiganta Industrial Township Authority area, Salt Lake, West Bengal.

Nepal hotels are complaining they are not seeing the deluge of reservations they would expect at this time of year. Asset World Public Company Limited signed a hotel management agreement with IHG to launch the Kimpton Pattaya and further demonstrate confidence in Thailand’s tourism industry. ANA Holdings and IHG ANA Hotels Group Japan signed a comprehensive commercial agreement.

Vietnam Prime Minister Pham Minh Chinh instructed his cabinet to relax certain visa requirements in a bid to attract more foreign tourists to the country. The Economic Times said many more hotels will be signed in India this year  compared to last year with some chains even considering doubling their signing numbers from last year. Wyndham Hotels & Resorts announced strong growth in Asia Pacific as it closed out 2022, diversifying its offerings for guests and owners across the region.

STR said China Hotel RevPAR , the week ending March 4, was up 67.2% year over year. The Bangkok Post reported that 112,876 room nights were reserved out of 560,000 available within six hours of the latest phase of Thailand's hotel subsidy program going live. Marriott International announced plans to introduce the Ritz-Carlton to Phuket, Thailand following the signing of an agreement with Asset World Corporation .