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THE BAIRD/STR HOTEL Stock Index jumped in July, ending a downward trend for two consecutive months. The index decreased 10.4 percent year-to-date for the first seven months of 2022. Baird/STR Index recorded a sharp increase of 14.3 percent in July, according to STR. The index fell 19.3 percent in June and dropped 5.8 percent in May. It went up 0.7 percent during April. It increased 2.2 percent in March after rising 4.1 percent in February. The Baird/STR Index surpassed both the S&P 500, up 9.1 percent from June, and the MSCI US REIT Index, increased 8.7 percent, respectively during July. The hotel brand sub-index rose 14.2 percent from June, while the Hotel REIT sub-index increased 14.6 percent during the month. "Hotel stocks rebounded sharply and outperformed their respective benchmarks in July; relative outperformance has continued in August," said Michael Bellisario, senior hotel research analyst and director at Baird. "Despite the big gains in July, hotel stocks did not fully recapture June's losses. Positively, second quarter earnings exceeded analysts' and investors' expectations, and broader recession fears have begun to subside, which has boosted sentiment and stock prices. All eyes are on the post-Labor Day outlook that should reflect a more normalized travel environment."

THE BAIRD/STR Hotel Stock Index fell 9.1 percent in September, according to STR. Experts said that they have concerns regarding recession and its impact on the sector. The index witnessed a sharp drop of 20.6 percent year-to-date through the first nine months of 2022. In September, the Index surpassed both the S&P 500, down 9.3 percent, and the MSCI US REIT Index, which fell 12.8 percent. The hotel brand sub-index decreased 7.7 percent from August to 8,268, while the Hotel REIT sub-index dropped 13.5 percent to 989. "September was a risk-off month for the broader market, and hotel stocks were down sharply as well. However, the Hotel REITs were modest underperformers only, while the Global Hotel Brands were slight relative outperformers," said Michael Bellisario, senior hotel research analyst and director at Baird. "Broader macroeconomic concerns continue to dominate investor sentiment and positioning, but underlying hotel fundamentals held steady throughout the month, which relatively helped the hotel stocks during a volatile time for the capital markets. Investors continue to ask about recession scenarios and downside analyses for our coverage list, which suggests a lot of the bad news is being priced into the stocks, particularly the Hotel REITs, in our opinion."

THE BAIRD/STR HOTEL Stock Index dropped in June for the second consecutive month. The index dropped for the first time, after rising continuously for five months, in May. Baird/STR recorded a sharp fall of 19.3 percent in June, according to STR. The index dropped 5.8 percent in May. It went up 0.7 percent during April. It increased 2.2 percent in March after rising 4.1 percent in February. The index decreased 21.6 percent during the first six months of 2022. The Baird/STR Index fell behind both the S&P 500, dropped 8.4 percent from May and the MSCI US REIT Index, down 7.9 percent respectively during June. The hotel brand sub-index fell 19.3 percent from May, while the Hotel REIT sub-index dipped 19.5 percent during the month. "Hotel stocks continued on their downward trajectory in June and were significant relative under-performers as investors began to factor in an increasing likelihood of an impending recession," said Michael Bellisario, senior hotel research analyst and director at Baird. "While the upcoming summer travel months are expected to be strong, investors are looking beyond the near-term fundamental strength to a period when demand and ADR growth are likely to moderate, which is supported by the many macroeconomic indicators that are flashing signs of broader slowing."

The index decreased 12.6 percent year-to-date through the first eight months of 2022. In August it also surpassed both the S&P 500, down 4.2 percent, and the MSCI US REIT Index, which dropped 6.1 percent. Also, the hotel brand sub-index fell 2.3 percent from July to 8,959, while the hotel REIT sub-index dropped 3.7 percent to 1,143. "Hotel stocks took a breather in August after July's sharp rebound. Despite the slight decline in stock prices, both the Global Hotel Brands and Hotel REITs outperformed their respective benchmarks in August," said Michael Bellisario, senior hotel research analyst and director at Baird. "Hotel trends have remained solid throughout the summer months despite all the capital markets volatility and macroeconomic uncertainties. However, investors appear somewhat skeptical about the prospects for a significant recovery in business transient travel post-Labor Day, and hotel stocks appear to be discounting this relatively conservative fundamental expectation, in our opinion."

THE BAIRD/STR HOTEL Stock Index dropped 2 percent to 5,739 in September, influenced by higher interest rates impacting stock prices and investor sentiment, according to STR, although the hotel stocks outperformed their relative benchmark. That is the second month of decline in the index following a surge in July. "Hotel stocks declined in September, yet they exceeded their relative benchmarks," said Michael Bellisario, senior hotel research analyst and director at Baird. "Both the S&P 500 and the RMZ recorded their poorest monthly performance this year due to elevated interest rates affecting stock prices and investor sentiment. Hotels likely gained from sustained, albeit gradual, RevPAR growth throughout the month. Year-to-date, the hotel brand sub-index stands at 23 percent, whereas the Hotel REIT sub-index lags at negative 1.5 percent."

THE BAIRD/STR HOTEL Stock Index rose again in April, continuing a trend the index has followed for the past four months. Investors' optimism is driven by the travel industry's ongoing recovery due to pent-up demand that is overriding negative influences, such as the Russia/Ukraine war and rising interest rates. Baird/STR went up 0.7 percent during the month, according to STR. The index rose 3.1 percent over the first four months of 2022. In March it increased 2.2 percent in March after rising 4.1 percent in February. The index also surpassed both the S&P 500, which dropped 8.8 percent in April, and the MSCI US REIT Index, which went down 4.6 percent. The hotel brand sub-index rose 0.5 percent from March, while the hotel REIT sub-index jumped up 1.5 percent.

THE BAIRD/STR HOTEL Stock Index dropped in May, after rising continuously for five months. Investors grew concerned about macroeconomic slowing and inflationary pressures which led to the broader stock market volatility. Baird/STR dropped 5.8 percent during the month, according to STR. Baird/STR went up 0.7 percent during April. The index decreased 2.8 percent over the first five months of 2022. It increased 2.2 percent in March after rising 4.1 percent in February. Baird/STR index fell behind the S&P 500, which was flat from April, but surpassed the MSCI US REIT Index, which was down 6.3 percent. The hotel brand sub-index fell 6 percent from April, while the Hotel REIT sub-index dipped 4.9 percent during the month.

THE BAIRD/STR HOTEL Stock Index jumped 16.4 percent in the first month of 2023, according to STR. A drop in recession fears and other factors gave investor confidence a boost, the research firms said. In January, the Baird/STR Index surpassed both the S&P 500, up 6.2 percent and the MSCI US REIT Index, increased 10.5 percent, STR said in a report. The index dropped 10 percent in December, and it was down 15 percent for 2022. According to STR, the Hotel Brand sub-index increased 16.2 percent from December to 10,342, while the Hotel REIT sub-index rose 17.1 percent to 1,216. "Hotel stocks rebounded sharply in January and were significant outperformers as the back-and-forth recessionary concerns once again subsided to start the year," said Michael Bellisario, senior hotel research analyst and director at Baird. "Industry-wide RevPAR trends finished the year on a strong note despite tougher calendar comparisons and weather-related travel disruptions in December. Several Hotel REITs provided fourth-quarter operational updates, and performance generally was in line with prior expectations. More broadly, investor sentiment has improved, which boosted stock prices across the board in January, but the macroeconomic indicators have remained mixed."

AS THE LABOR shortage continues, hotels are offering more incentives to attract new employees, according to a survey by the American Hotel & Lodging Association. They include higher wages, more benefits and greater scheduling flexibility. AHLA's Front Desk Feedback survey of more than 500 hoteliers, conducted Jan. 10 to 17, found that 79 percent of responding hotels were experiencing staffing shortages. Also, 71 percent of respondents are increasing wages, 64 percent are offering greater flexibility with hours and 33 percent are expanding benefits. Despite that, 81 percent said they are still unable to fill open positions. Also, 79 percent of respondents are experiencing a staffing shortage, severely so for 22 percent. The most critical staffing need is housekeeping, with 43 percent ranking it as their top hiring need. At the same time, in September, 87 percent of respondents said they were short staffed, 36 percent severely, with 43 percent ranking housekeeping as their top hiring need at the time. Respondents are attempting to fill an average of seven positions per property, down from 10 vacancies per property in September. "Recruiting enough workers continues to be the top challenge for many hoteliers, and this is leading to historic career opportunities for hotel employees," said Chip Rogers, AHLA president and CEO.

THE BAIRD/STR Hotel Stock Index rose 2.7 percent in November according to STR. However, hotel stocks were relative underperformers during the month for the first time since June. The index jumped 15.8 percent in October. The index was down 5.5 percent year-to-date through the first 11 months of 2022. In November, the Baird/STR Hotel Stock Index fell behind both the S&P 500, up 5.4 percent and the MSCI US REIT Index, increased 5.6 percent. The hotel brand sub-index increased 3.7 percent from October to 9,804, while the Hotel REIT sub-index fell 0.2 percent.

THE BAIRD/STR Hotel Stock Index rose 10.5 percent to 6,760 in December, according to STR. Moreover, the stock index closed the year with a 38.4 percent gain in 2023, driven by a favorable interest rate outlook boosting investor sentiment and valuation multiples. "Hotel stocks - like the broader market - finished 2023 on a high note as the 'soft landing' narrative and lower interest rate outlook continued to boost investor sentiment and valuation multiples," said Michael Bellisario, senior hotel research analyst and director at Baird. "Both the hotel brands and hotel REITs were up more than 10 percent in December and outperformed their respective benchmarks. For the year, the hotel REITs' 19 percent gain more than doubled the return of real estate stocks broadly, while the hotel brands' 44 percent increase nearly doubled the performance of the S&P 500." The U.S. hotel industry closed the year on a strong note, said Amanda Hite, president of STR.

Michael Harper is promoted to president of Hotel Lending at Peachtree Group, overseeing the company's entire hotel credit platform and guiding all aspects of the credit business. Similarly, Jared Schlosser rises to executive vice president of hotel lending and head of CPACE, while Michael Ritz is promoted to executive vice president of investments, Peachtree Group said in a statement. "These appointments underscore Peachtree's commitment to its core growth initiatives in hotel lending, as well as fostering talent from within our own ranks, with an eye toward further diversifying its allocation strategies as it taps into new investment opportunities," said Greg Friedman, Peachtree's CEO and managing principal. Since joining Peachtree in 2014, Harper has held a series of leadership positions, overseeing the company's credit business with a focus on loan originations and strategic acquisition of credit portfolios, Peachtree said. He has guided the team through over 500 investments totaling more than $6 billion.

HYATT HOTELS CORP. reported $26 million in net income for the fourth quarter of 2023 and $220 million for the year. Comparable system-wide RevPAR grew by 9.1 percent during the same period and 17 percent for the full year of 2023, outperforming figures from 2022 and exceeding the previous full-year outlook. Adjusted net income reached $68 million in Q4 and $276 million for full-year 2023, Hyatt said in a statement. "The fourth quarter marks the completion of a transformative year and demonstrates the progress towards our strategic vision and earnings evolution," said Mark Hoplamazian, Hyatt's president and CEO. "RevPAR growth exceeded the high end of our guidance range and we had industry-leading net rooms growth for the seventh consecutive year. This led to a record level of fees and the highest free cash flow in Hyatt's history. We returned $500 million to our shareholders and achieved an asset-light earnings mix of approximately 76 percent for the full year, a testament to the successful execution of our strategy."

HILTON HOTELS & RESORTS retained its title as the world's most valuable hotel brand for the ninth consecutive year, while Hyatt Hotels Corp. secured the second spot again, according to the latest data from Brand Finance. Meanwhile, India's Taj Hotels is the world's second-fastest-growing brand, primarily due to revenue growth and improved brand strength. Hilton's brand value is estimated at $11.6 billion in the Brand Finance Global 500 2024 ranking. Hyatt holds a value of $6 billion, and Taj increased its brand value by 45 percent to $545 million, Brand Finance said in a statement. "Many top hotel brands have struggled to grow their brand value as robustly as in the years leading up to 2020, and the Brand Finance Hotels 2024 ranking shows that these challenges are ongoing as the industry recovers," said Henry Farr, Brand Finance's associate director. "Despite an uptick in travel and hotel demand, the actual growth hasn't matched expectations, resulting in slight declines or minimal brand value growth for the world's leading hotel brands."

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