Texas

The equity markets made a dramatic recovery considering investors in Treasuries gave the Fed a no-confidence raspberry, not liking the comments from one of the Governors today at all. Finishing touches are wrapping up on the Virgin Hotel, a 28-story tower in Midtown, Manhattan. K&K Hotel Group is planning to build a new Hampton Inn & Suites in Shenandoah, TX.

The  DJIA  rose 61 points,  Nasdaq  was up 50, the  S&P 500  was up 12 points and the  10-year Treasury yield  is quickly rising to where it peaked in June, up another .05 to 3.11%. STR said US RevPAR  for the week ended 8/20 was up 16.9% versus the same week last year. Global hotel groups are holding near-record amounts of cash.  Seven of the best-known hotel groups were collectively sitting on about $7.3 billion in cash and short-term investments as of the end of June .

B.Riley maintained its Neutral rating on Ashford Hospitality but lowered its price target from $12 to $9. The Heard on the Street Column from the Wall Street Journal today focused on  business travel , a positive article on how it is back with the potential to be better than ever. A company called CorpHousing Group Inc., which is engaged in the short-term rental of hotel units to guests across major metropolitan cities in the US, priced an IPO of 3,375,000 shares.

Choice Hotels International, Inc. has completed the acquisition of the franchise business, operations and intellectual property of Radisson Hotels Americas. Selina filed with the U.S. Securities and Exchange Commission a registration statement on Form F-4, in connection with its previously announced proposed business combination with BOA Acquisition Corp. The Gulf Coast’s first beachfront Hyatt Place hotel is now open in Panama City Beach.

The DJIA fell 58 points, Nasdaq was down 151, the S&P 500 was down 18 points, and the 10-year treasury yield was up .03 to 2.80%. The second half of the earnings season included a sparkler from Hyatt, while IHGwent back to returning money to shareholders with dividends and up to $500 million in share buybacks. According to the recently released Q2 2022 Canada Construction Pipeline Trend Report from Lodging Econometrics , at the close of the quarter, the total construction pipeline in Canada stands at 261 projects.

The vast majority of lodging company earnings, both REIT and C-Corp , have been very positive, with the REITs being the biggest surprise. Crescent Hotels & Resorts has added The Viv, Anaheim, a Tribute Portfolio Hotel , to its Latitudes: Lifestyle by Crescent collection. Black Creek Mexico announced that Grupo Alojica completed the Westin Resort & Spa acquisition, in Puerto Vallarta , from affiliates of Marriott Vacations Worldwide .