London, Miami and Singapore Report Record ADRs
- Demolition of Tahoe Biltmore Lodge to make way for Waldorf Astoria Lake Tahoe. Several new hotel openings and renovations announced across the U.S., including projects in Palm Beach, Milwaukee, Crowley, and Southwest Mesa.
- STR and Tourism Economics adjusted their 2023-24 U.S. hotel forecast, with a noted global ADR increase in 2022. Truist revised its target price for VAC but retained its Buy rating.
- Truist reduced its target price for VAC to $190 from $219 due to Marriott Vacations’ subpar quarterly outcomes and revised guidance, yet kept a Buy rating.
The DJIA ended Friday with a gain of 105 points, while Nasdaq was down 76, the S&P 500 was down 5 points, and the 10-year treasury yield was up .09 to 4.17%. Lodging stocks were mixed. The big mover was SHCO, up 15% on what some said was a mixed earnings report, and what others said was a result higher than expected. The main […]