Hotel-Branded Residential Developments Grow in Popularity
- Stock market performance: DJIA up 66 points, Nasdaq up 97, S&P 500 up 19 points, and 10-year treasury yield down to 4.60%.
- Lodging industry updates: US hotel RevPAR increased 5.2%, Group RevPAR was up 29.5%. Stifel lowered target price on Wyndham Hotels & Resorts, while Exane BNP Paribas downgraded IHG Hotels & Resorts.
- International travel data: International visitors spent $19.0 billion on US travel in August 2023, with a trade surplus of $1.8 billion. Travel and tourism accounted for 7.4% of US exports of goods and services in August 2023.
The DJIA was up 66 points, Nasdaq was up 97, the S&P 500 rose 19 points and the 10 year treasury yield was down .06 to 4.60%. Lodging stocks were mixed. The two biggest movers were to the upside with both SHCO and VCSA both up 7% on the day. STR reported US lodging data for the week ended 10/7. US hotel RevPAR was up […]