The Earnings Parade Continues

• The earnings parade continues with REITs dominating the past 24 hours. PebbleBrook Hotel Trust reported 4Q results that matched their pre-announcement but gave 1Q guidance that was softer than expected.
• Sunstone Hotel Investors results came in slightly ahead for 4Q with an extra $10 million insurance gain also put in there.
• Park Hotels reported strong results even with San Francisco continued weakness. PK said group revenue is back to 83% of pre-pandemic levels.

The DJIA fell 85 points while Nasdaq was up 15, the S&P 500 fell 6 points and the 10-year treasury yield was down .05 to 3.93%. Lodging stocks were mixed. AHT was down -5% while SLNA traded down to a new low. The earnings parade continues with REITs dominating the past 24 hours. PebbleBrook Hotel Trust reported 4Q results that matched their pre-announcement but gave […]