Baird’s 2023 REIT Outlook Is Cautious

• Lodging stocks were higher with the only big mover of note once again being AHT, up another 6%.
• Baird gave their 2023 Hotel REIT outlook saying they are taking a more balanced approach in early 2023 as macroeconomic risks and growing expense pressures keep them selective.
• STR announced U.S. lodging data for the week ended January 7th. Year over year RevPAR was up 21.8% on easy comps due to holiday/school timing and the Omicron outbreak last year.

The DJIA rose 217 points while Nasdaq was up 69, the S&P 500 rose 14 points and the 10 year treasury yield was down .11 to 3.45%. Lodging stocks were higher with the only big mover of note once again being AHT, up another 6%. Baird gave their 2023 Hotel REIT outlook saying they are taking a more balanced approach in early 2023 as macroeconomic […]