Hotels May End the Year Strong Thanks to Group Business

• Truist reports strong trends in the U.S. hotel industry, with no signs of demand slowdown and expectations of growth in Q4 2023, driven by group business, business travel, and international visitors.
• CoStar data indicates a shift in U.S. hotel occupancy trends, with family travel slowing, group events strengthening, and a return of business travel, particularly during weekdays.
• Various hotel-related developments include property updates, new hotel constructions, and management changes across different locations in the United States.

The DJIA was down 199 points while Nasdaq was down 148, the S&P 500 fell 31 points, and the 10-year treasury yield was up .02 to 4.29%. Lodging stocks were modestly lower. SHCO traded up to a new high. Truist gave their forward-looking booking and pricing trends for U.S. hotels report, saying they see no signs of any demand slowdown. In fact, they see 4Q23 […]