U.S. Hotels See RevPAR Surge
- Stock market indices experienced a decline, with DJIA falling 102 points, Nasdaq down 165 points, and S&P 500 falling 23 points.
- The American Hotel & Lodging Association successfully lobbied for new PPP eligibility guidelines, allowing hotel owners who used third-party management companies to qualify for loan forgiveness.
- The U.S. hotel industry reported improved performance in May 2023 compared to the previous year, with increased occupancy, ADR, and RevPAR, particularly in the top 25 markets.
The DJIA fell 102 points, Nasdaq was down 165, the S&P 500 fell 23 points and the 10 year treasury yield was down .01 to 3.72%. Lodging stocks were mixed. SHCO was up 6%, SLNA was up 5% but AHT fell -5% and VCSA was also down -5% but it traded down to another all time low. The American Hotel & Lodging […]