Canada's Average Daily Rates Go Up in January
In January, Toronto hotels charged slightly more than Vancouver’s amid rising rates and lower occupancy nationwide, with Edmonton notably lagging behind.
Firmdale Hotels
Design Hotels Announces 10% Global Portfolio Growth
Design Hotels reported 10% portfolio growth, highlighted by new agreements including new Firmdale properties, and expansion with Grupo Habita, Drift Hotels, and ASH.
Hilton and Hyatt Get Analyst Thumbs-Up
Major indices, including DJIA, Nasdaq, and the S&P 500, experienced significant drops. BHR reached a new low, and Bernstein and B.Riley adjusted ratings and price targets for several key hotels.
Hotel Transactions & Development**: Numerous hotel properties underwent ownership changes, refinancing, or development, with notable mentions like the Delta Hotels by Marriott New York Times Square and the Four Seasons Private Residences Las Vegas nearing completion.
Aimbridge Hospitality strengthened its team, Melia Hotels announced multiple openings in Mexico, and Selina Hospitality launched a new location in Evia, Greece.
Chatham Lodging Trust and Park Hotels Restore Their Dividends
Chatham Lodging Trust announced its board of trustees reinstated their common dividend, announcing a fourth-quarter common share dividend of $0.07 per common share.
Park Hotels & Resorts announced a $0.25 per share fourth-quarter cash dividend. $0.12 per share of that represents the fourth quarter payment based on 2022 results.
Lodging stocks were modestly higher. The only big mover of note was MCG , up 8%.