Wells Fargo Cuts Lodging Stock Targets While Global RevPAR Grows
Wells Fargo has cut price targets on lodging stocks under coverage due to concerns over regional banks and their impact on the hotel industry. The bank only downgraded two names - Park Hotels and Xenia Hotels - but reduced price targets on many others, including Hilton, Marriott, and Hyatt.
STR's global "bubble chart" update shows growing momentum in the Asia Pacific region and more than half of markets globally with better than 20% growth in RevPAR versus 2019. Israel, Switzerland, Singapore, the Dominican Republic, and New Zealand led in RevPAR on an actual basis.
HEI Hotels & Resorts has taken over management of the Marriott Jacksonville Downtown Hotel in Jacksonville, Florida, which will undergo a comprehensive renovation in the planning stages with completion anticipated in the first quarter of 2024.