Wednesday, March 22, 2023
North America

U.S. Interest Rate Increase Pushes Lodging Stocks Lower

  • STR gave U.S. lodging data for the week ended 3/18. US hotel RevPAR rose 10.4% year over year. When compared with the same week in 2019, US hotel RevPAR was up 20.8%.
  • We can’t tell if the markets genuinely hate U.S. Fed Chief Jerome Powell or if the guy should just have a stand-in for his press conferences.
  • Redburn Partners lowered its rating on InterContinental Hotels Group to Sell. UBS Group downgraded shares of Melia Hotels International from a Buy rating to a Sell rating.

The U.S. Federal Reserve Board raised interest rates by a quarter of a point and the financial markets rallied. Then Fed Chief Jerome Powell held his press conference and the DJIA ended the day down 530 points, Nasdaq was down 190, the S&P 500 fell 66 points but the 10-year treasury yield was down .11 to 3.50%. We can’t tell if the markets genuinely hate […]