Edinburgh

Stock market indices, including the DJIA, Nasdaq, and S&P 500, experienced declines on Friday, while the 10-year treasury yield saw a slight increase. Barclays expects some REITs, such as Pebblebrook Hotel Trust and DiamondRock , to be disproportionately impacted by below-expectation revenue per available room (RevPAR), while they believe Apple Hospitality will outperform. Oppenheimer slashed price targets on several lodging stocks, including Chatham Lodging Trust , RLJ Lodging Trust , Braemar , and Apple Hospitality , while maintaining their Outperform ratings on these companies.

Stock market performance: DJIA and lodging stocks showed mixed results, while Nasdaq and S&P 500 experienced gains. Hotel openings and renovations: New hotels and renovated properties were announced by various companies, including Wyndham Hotels, Hyatt Hotels, Candlewood Suites, and Knott's Berry Farm Hotel. Business updates: Remington Hotels promoted Keith Oltchick to Chief Development Officer, Hunter Hotel Advisors facilitated the sale of Hilton-branded assets, and Wyndham Hotels completed the refinancing of its Senior Secured Term Loan B Facility. Additionally, Mandarin Oriental revealed plans for a new hotel and residences in Athens, Greece.

Marriott International, Inc . said Monday it had completed its acquisition of the City Express brand portfolio from Hoteles City Express, S.A.B. de C.V. A solid beat and raise was repeated over and over again today by analysts when commenting on Park Hotels & Resorts’ earnings report. Vacasa Inc. has become the second new-age lodging SPAC to receive notice from Nasdaq that if they don’t get their stock price above $1, they could be delisted .

Walt Disney World’s Star Wars hotel has seen demand cool so dramatically that the Florida theme park giant has been forced to reduce dates during the busy Halloween, Thanksgiving and Christmas seasons. Membership Collective Group reported strong 4Q results, a profitable quarter, today STR reported U.S. lodging data for the week ended March 4. Hotel RevPAR was up 12.1% year over year for the week.

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.

The DJIA fell 211 points while Nasdaq was down 127, the S&P 500 fell 36 points and the 10 year treasury yield was up .05 to 3.87%. Lodging stocks were modestly lower. SLNA was the big mover, down -7%. B.Riley lowered its price target for Braemar Hotels & Resorts to $9 from $12; on Ashford Inc . to $18 from $23 and on Ashford Hospitality Trust to $9 from $12. Red Roof held its 2022 Brand Conference, telling their franchise owners they are positioned for long-term growth.

Lodging stocks were mixed. Choice (CHH) was the big loser, down -9%, while MCG was down -7% and AINC fell -6%. Choice Hotels received a mixed response to their 3Q earnings report from analysts and a big thumbs down from investors. Hilton announced the opening of its two-hundredth hotel in the Caribbean and Latin America, Waldorf Astoria Cancun , a 173-room luxury resort set on 100 acres of coastline.