The U.S. hotel construction pipeline has reached a 16-month high with significant growth in midscale and economy segments, driven by newer brands and extended-stay projects.
DJIA, Nasdaq down; S&P 500 fell; 10-year treasury yield up.
Hotel Trends: Global RevPAR growth; Canada's record ADR and RevPAR; mixed occupancy rates.
Developments: Hotel expansions, renovations; Hyatt Vacation Club launch; new CEOs, brand in Croatia.
The DJIA fell 392 points but Nasdaq was up 16, the S&P 500 rose 8 points and the 10-year treasury yield was up .02 to 3.54%. Lodging stocks were modestly higher with no major movers.
Investment firm Sortis agreed to acquire Ace Group International for $85 million . The all-cash deal will give Sortis the boutique Ace Hotels brand and its hotel management company.
International visitors spent more than $15.9 billion on travel to, and tourism-related activities within, the United States , an increase of nearly 57% compared to November 2021
