Orlando

Choice Hotels made an offer to acquire Wyndham Hotels and Resorts, which was rejected. The situation may lead to a proxy fight. Marriott and MGM's partnership launch delayed to early 2024 due to a cyber attack on MGM and the complexity of the integration, which includes the creation of the MGM Collection with Marriott Bonvoy. Hyatt introduces the Wellbeing Collective, offering tailored wellbeing experiences at 30+ hotels globally, with plans to expand in 2024.

Stock market performance: DJIA up 66 points, Nasdaq up 97, S&P 500 up 19 points, and 10-year treasury yield down to 4.60%. Lodging industry updates: US hotel RevPAR increased 5.2%, Group RevPAR was up 29.5%. Stifel lowered target price on Wyndham Hotels & Resorts, while Exane BNP Paribas downgraded IHG Hotels & Resorts. International travel data: International visitors spent $19.0 billion on US travel in August 2023, with a trade surplus of $1.8 billion. Travel and tourism accounted for 7.4% of US exports of goods and services in August 2023.

CNBC discusses the repercussions of New York City's crackdown on Airbnb, suggesting that hotels will benefit from higher prices during the holiday season due to Airbnb's cancellation of bookings after December 1. Legacy Development & Management acquired the Albuquerque Marriott Pyramid North and plans a $22 million, two-year renovation, including room upgrades, new amenities, and exterior improvements. Various new hotel development projects are underway, including a Marriott Westin at the Indianapolis International Airport, a Hilton-branded hotel in Decatur, Georgia, a Four Seasons Hotel & Residences in Jacksonville, Florida, and a $2 billion theme park called American Heartland in Vinita, Oklahoma.

Crescent Real Estate acquired the Element Orlando Universal Boulevard hotel, and the Delta Hotel in Wichita Falls, Texas, opened. Various hotel acquisitions and rebranding activities occurred, including the purchase of Hilton-branded hotels in New York, rebranding of properties as Trademark Collection by Wyndham, and the addition of Arlo Williamsburg to the Arlo Hotels portfolio. A $1.5 billion development plan for the Tennessee Titan's domed stadium area was announced, including a 40-story hotel, apartments, and retail spaces, with construction set to begin in 2025.

Financial markets showed mixed performance with the DJIA, Nasdaq, and S&P 500 rising while the 10-year treasury yield also increased. JP Morgan expressed optimism about Hyatt's future, anticipating growth in RevPAR and an asset-light business model. Various hotel-related developments were reported, including property sales, renovations, and new openings, with several companies expanding their portfolios.

Demolition of Tahoe Biltmore Lodge to make way for Waldorf Astoria Lake Tahoe. Several new hotel openings and renovations announced across the U.S., including projects in Palm Beach, Milwaukee, Crowley, and Southwest Mesa. STR and Tourism Economics adjusted their 2023-24 U.S. hotel forecast, with a noted global ADR increase in 2022. Truist revised its target price for VAC but retained its Buy rating. Truist reduced its target price for VAC to $190 from $219 due to Marriott Vacations' subpar quarterly outcomes and revised guidance, yet kept a Buy rating.

Major stock indexes and several lodging stocks experienced declines. Service Properties Trust signaled a shift away from hotel acquisitions after buying the Nautilus Hotel in Miami. New hotels opened in Cincinnati , Yuba City , Orange , TX, and Pennsylvania . Notable construction and restoration projects are underway in Houston, Hastings, and Longmont. Several properties announced upcoming renovations or management changes. RobertDouglas managed a $60 million sale of three properties; Cronheim Hotel Capital refinanced Hotel Phillips in Kansas City. Key personnel changes occurred at Valor Hospitality Partners and the Rosewood Hotel Group .

DJIA, Nasdaq, and S&P 500 experienced gains, while the 10-year treasury yield decreased. Spending by international visitors in the U.S. increased significantly compared to the previous year, leading to a trade surplus in travel and tourism. Several hotels underwent renovations or acquisitions, and new hotels were announced in various locations across the United States.

Stock Market: DJIA rises while Nasdaq and S&P 500 experience slight declines. Hotel Sales: Major U.S. hotel sales show decreases in transactions, dollar volume, and prices per key. Hotel Developments: Construction progresses on a skyscraper in New York and new hotels are planned in Virginia , Connecticut , and South Carolina .

Stock market performance: DJIA, Nasdaq, and S&P 500 rose while the 10-year treasury yield was down. Lodging industry updates: Sonder Holdings downgraded, EF Hutton assumes coverage of Selina Hospitality, Ryman Hospitality Properties acquires JW Marriott San Antonio Hill Country Resort & Spa. New hotel developments: Chartwell Hospitality and Rockbridge developing three new hotels, Innisfree Hotels and RREAF Holdings open Fairfield Inn & Suites Pensacola Beach, Great Wolf Resorts opens Great Wolf Lodge Maryland.