California

If you are wondering about who in the sector has exposure to the collapse of Silicon Valley Bank , Sonder Holdings confessed to having $2 million in an operating cash account and approximately $20 million in deposit accounts with SIVB. Marriott International, Inc. received approval from Mexico’s Federal Economic Competition Commission for the acquisition of the City Express brand portfolio from Hoteles City Express, S.A.B. de C.V. According to a new report from HVS , hotel operators need to learn to manage the entire building they operate and start thinking of performance in terms of the total revenue or profit per available square meter.

Baird lowered their price target on Wyndham Hotels & Resorts to $86 from $88 while maintaining their Outperform rating. Barclays cut their rating on Hyatt Hotels to Equal Weight from Overweight. They cut their price target to $125 from $130. They upped Hilton to an Overweight rating from Equal Weight. Travel + Leisure Co . announced their upped their quarterly dividend per share to $0.45 per share from $0.40.

voco hotels celebrated 100 properties signed and opened globally. The emerging IHG Hotels & Resorts’ brand reached the milestone in just five years after its first-ever hotel opening. Island Hospitality Management announced the company added 14 hotels to its third-party management portfolio during 2022. Moxy Williamsburg debuted today as the brand’s first hotel in Brooklyn, New York.

Truist lowered their price target on Park Hotels & Resorts to $19 from $20 while maintaining their Buy rating. BRE Hotels & Resorts and The Ritz-Carlton, Kapalua are celebrating the recent success of the property following a $100 million transformation. The iconic Fairmont Hotel in downtown Vancouver, Canada, is looking to expand with an annex tower, but it will not provide any additional hotel rooms.

Wyndham Hotels & Resorts Inc . upped their quarterly dividend by 9%, announcing a quarterly cash dividend of $0.35 per share up from the $0.32 a share quarterly dividend they paid during 2022. CoStar said that most Lodging Industry Investment Council members expect full-year lodging real estate transactions in 2023 to exceed the volume in 2022. A joint venture of NewcrestImage and Hospitality Capital Partners completed the acquisition of 11 hotels in seven states with a total of 1,551 rooms.

RLJ Lodging Trust reported in-line results with some limited guidance they gave in January at ALIS. Summit Hotel Properties reported 4Q results ahead of estimates with strong earnings contributions from the recently acquired properties, including NewcrestImage. Argus Research upped their rating on Airbnb to Buy from Hold with a $144 price target.

The earnings parade continues with REITs dominating the past 24 hours. PebbleBrook Hotel Trust reported 4Q results that matched their pre-announcement but gave 1Q guidance that was softer than expected. Sunstone Hotel Investors results came in slightly ahead for 4Q with an extra $10 million insurance gain also put in there. Park Hotels reported strong results even with San Francisco continued weakness. PK said group revenue is back to 83% of pre-pandemic levels.

Earnings rolled out at a rapid pace with  Hyatt, Wyndham, Host and Hersha reporting results. Hyatt reported above expectations and sounded very confident on the conference call. The lodging stock star of the day was definitely  Service Properties Trust . SVC owns nearly 8% of Travel Centers of America and RMR has 1.67%. Travel Center agreed to be bought by BP for $1.3 billion. CBRE is raising its forecast for hotel performance on the heels of industry gains in Q4 2022 and the expectation of slightly positive GDP growth in 2023.

Lodging stocks were higher. ABNB led the group with a 7% rise while MCG was up 5%. Raymond James upped their price target on Hilton to $165 from $150. They maintained their Outperform rating. Ian Schrager and Ed Sheetz have stepped in to possibly partner with Chetrit Group , to rescue its landmark Bossert Hotel , located in Brooklyn Heights, New York.

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 .