Hilton to Open a Bevy of New Properties in 2024
- Braemar Hotels (BRH) and Ashford Hospitality Trust (AHT) reported 3Q results, with BRH missing estimates due to its resort/leisure focus, experiencing a -7.1% decline in RevPAR growth. AHT’s results exceeded expectations, especially in urban assets, with a 4% growth in RevPAR.
- Hersha Hospitality shareholders approved a $1.4 billion, all-cash deal for KSL Capital Partners to acquire the hotel REIT, taking them private. The deal, valued at $10 per share, is expected to close in the current quarter.
- The Global Hotel Investor Sentiment Survey by JLL revealed a surge in lodging demand, with global RevPAR up 10.2% relative to 2019. Key findings include 81% of investors planning to be net buyers, a preference for urban markets (84%), and a focus on luxury and select-service hotels. Investors anticipate a rise in hotel pricing per key and face challenges like the cost of capital, rising insurance costs due to climate risk, and deferred capital expenditures.
The DJIA fell 220 points while Nasdaq was down 129, the S&P 500 fell 35 points, the 10-year treasury yield was back up .11 to 4.63% and lodging stocks were lower. The bright spot was HLT, trading up to a new high. Then we had BHR down -23% to a new low while SLNA, SVC, AINC and VAC also traded down to new […]