Accor Forecasts Robust Revenue and Profit for 2023

• PEB reported better-than-expected 3Q results, but concerns arose from their commentary about a cooling US leisure demand and a weak 4Q guidance.
• Accor anticipates full-year RevPAR growth of over 20%, with strong 3Q RevPAR growth in the Middle East, Africa, and Asia Pacific segments.
• Various hotel developments were announced, including a Marriott conversion in New Orleans, renovations in Indian Wells, a hotel sale in Boston, and plans for a new luxury brand in San Miguel de Allende, among others.

The DJIA fell 367 points on Friday while the Nasdaq was up 47, the S&P 500 fell 20 points, and the 10-year treasury yield was flat at 4.85%. Lodging REITs took it on the chin following Pebblebrook Hotel Trust’s earnings report. PEB took the worst of it, down -10%, but RLJ, CLDT, INN, and AHT all hit new lows while quite a few of the lodging REITs – RLJ, CLDT, INN, PK, DRH, and XHR, were down -5% […]