San Jose

Stock market performance: DJIA was up 86 points, Nasdaq up 158 points, and S&P 500 rose 33 points, while lodging stocks mostly declined. Wells Fargo raised target prices on lodging stocks, including RHP, APLE, HST , and DHR , maintaining their ratings. Various hotels underwent renovations, including Courtyard Louisville Airport and Chancellor's House Hotel , while new hotels were announced, such as the Hampton Inn & Suites in Pittsburgh and Riversuites in Philadelphia.

On Friday lodging stocks ended higher: BHR rose 12% while AINC was up 7%. SOND fell -7% on the day. Raymond James downgraded Pebblebrook Hotel Trust and Xenia Hotels & Resorts to Market Perform from Outperform while cutting Sunstone Hotel Investors to Underperform from Market Perform. Ryman Hospitality also announced they were boosting their quarterly dividend, declaring the 4Q dividend of $0.25 per share.

According to the third quarter United States Construction Pipeline Trend Report from Lodging Econometrics , the U.S. market with the largest hotel construction pipeline by projects is Dallas . Despite down markets, lodging stocks were modestly higher even though the two biggest movers were to the downside. BWH Hotel Group announced the launch of a new extended stay brand .

The positive start to the day deteriorated quickly with the DJIA ending the day down 308 points, while Nasdaq was down 135 and the S&P 500 fell 44 points. The 10-year Treasury yield ended the day flat at 3.11%. VCSA was the only major mover, down -9% on the day. STR’s consumer research in July 2022 produced telling insights into the state of business travel worldwide. Roughly 400 global business travelers were asked to thank about their likelihood to travel for business both now and when the pandemic is over, the results, remained in negative territory. A recently released Global Travel Association report cites global business travel coming back albeit against significant headwinds.