Tampa

Hotels are increasingly charging for early or late checkouts, impacting both regular guests and loyalty program elites. This comes alongside a 1.8% rise in US hotel RevPAR and a 3.1% increase in Group RevPAR. Waramaug Hospitality acquires Atlanta Marriott Peachtree Corners with 222 rooms and versatile meeting spaces. SpringHill Suites by Marriott open in Delaware, Scottsdale, and Lansing. Oyo Hotel in St. Louis undergoes a $46 million renovation to become a Sheraton, introducing Bonvoy Apartments. Leading Hotels of the World adds four member hotels: The Adria (London), Azur Legacy Collection Hotel (Vancouver), Chedi Katara Hotel (Qatar), and Aleenta Retreat (Chiang Mai). These properties offer unique amenities, including a tranquil spa, rooftop dining, private beaches, and repurposed Thai dwellings.

Stock Market Update: DJIA, Nasdaq, and S&P 500 all ended the day with gains, reflecting a broad market RLJ Lodging Trust : Baird reports positive investor meetings, highlighting underappreciated growth outlook and company drivers. Hotel Developments: AC Hotels by Marriott planned in East Memphis , acquisition of Westin Annapolis , and Equinox Hospitality 's acquisition and rebranding of Four Points by Sheraton San Rafael Marin County.

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.

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.

According to the latest STR U.S. bubble chart update , for the four weeks ending April 15, recovery growth across a range of industry indicators took a small backstep, with occupancy falling from the prior month. Each of the four world regions showed a year-over-year decline in hotel construction activity , with Asia Pacific coming closest to its 2022 comparable, according to March 2023 pipeline data from STR. The Hospitality Asset Manager Association released the results of its Spring 2023 Industry Outlook Survey .

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.

Marriott Vacations missed expectations with their 4Q report, primarily due to their exchange and rental businesses as their core VOI business outperformed. Chatham Lodging Trust reported an in-line 4Q for EBITDA. They did not give 2023 guidance. Accor reported good results and forecast higher RevPAR for 2023 , very optimistic due to the return of the Chinese traveler.

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.

Citigroup upped their target price on Park Hotels & Resorts to $15 from $13 while maintaining their Neutral rating. They also upped their target price on Pebblebrook Hotel Trust to $16.50 from $15. They also maintained their Neutral rating on PEB. Accor’s private rental brand, onefinestay , has launched monthly stays in New York with 16 homes available to book and many more being added over the coming months.