Tuesday, July 11, 2023
North America

Choice Hotels Forecasts Higher-Than-Expected Earnings

  • Stock market indices showed positive movement, with the DJIA rising 317 points and the Nasdaq up 75 points, while lodging stocks mostly saw gains.
  • IHG Hotels & Resorts clarified that it did not experience a demand reversal for leisure bookings, refuting an earlier misleading report.
  • Choice Hotels issued a business update reaffirming full-year guidance, highlighting a drop in share repurchases and a higher-than-expected 2024 EBITDA projection, possibly indicating upcoming announcements or unique circumstances in the industry.

The DJIA rose 317 points while Nasdaq was up 75, the S&P 500 rose 30 points and the 10-year treasury yield was down .03 to 3.98%. Lodging stocks were mostly higher. VCSA was up 9% and AHT was up 5% to lead the gainers. Choice Hotels issued a business update this morning, reaffirming full-year guidance and giving a 2024 EBITDA target that was […]