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THE BAIRD/STR Hotel Stock Index was down 2.5 percent in February 2023 as the focus turned to earnings and initial 2023 outlooks, according to STR. Investors' confidence also was boosted some by strong fourth quarter results and rising demand. During the month, the Baird/STR Index surpassed both the S&P 500, down 2.6 percent and the MSCI US REIT Index, fell 4.9 percent, STR said in a report. Meanwhile, the index jumped 16.4 percent in January. According to the STR, the Hotel Brand sub-index decreased 1.2 percent from January to 10,219, while the Hotel REIT sub-index dropped 7 percent to 1,130. "Hotel stocks, just like the broader market, pulled back in February as the focus turned to earnings and initial 2023 outlooks," said Michael Bellisario, senior hotel research analyst and director at Baird. "The global hotel brand stocks, while down slightly during the month, outperformed the S&P 500 on the heels on strong fourth quarter earnings reports and guidance that matched expectations; hotel REITs were weaker and relatively underperformed as investors focused on somewhat mixed fourth quarter earnings reports and 2023 guidance that embedded heightened expense pressures and outsized renovation disruption."

WYNDHAM HOTELS & RESORTS released fourth quarter and full year 2023 earnings that included record-high rooms growth. Geoff Ballotti, Wyndham's president and CEO, said the strong results reinforce the company's decision to refuse Choice Hotels International's ongoing efforts to buy Wyndham out. In its earning call, Wyndham reported that system-wide rooms grew organically by 3.5 percent year-over-year, a record high. The company opened a record 66,000 organic rooms, a 3 percent year-over-year increase. Its development pipeline grew 1 percent sequentially and by 10 percent year-over-year to 240,000 rooms, another record, including 98 new contract signings for its ECHO Suites brand, a 60 percent YoY growth in that part of the pipeline. Wyndham's shareholders, who will be key to determining the success or failure of Choice's efforts to acquire the company, saw several benefits from last year's performance. Fourth quarter diluted earnings per share was 60 cents with a net income of $50 million. The company returned $515 million to shareholders for the full-year through $397 million of share repurchases and quarterly cash dividends of $0.35 per share. Its board of directors also authorized a 9 percent increase in the quarterly cash dividend to $0.38 per share beginning with the dividend expected to be declared in first quarter of 2024.

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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."

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HOTEL STOCK PRICE volatility dragged the Baird/STR Hotel Stock Index in November. Both the hotel brands and hotel REITs significantly underperformed their respective benchmarks during the month. The Baird/STR index fell 7.6 percent during the month from October. However, it was up 11.5 percent year to date through the first 11 months of 2021. The index rose 6.8 percent during October compared to September. The index was behind both the S&P 500, which fell 0.8 percent in November, and the MSCI US REIT Index, which dropped 0.9 percent. The hotel brand sub-index dropped 7.2 percent from October while the hotel REIT sub-index slipped 8.9 percent. "Hotel stock price volatility continued in November with both the Hotel brands and Hotel REITs significantly underperforming their respective benchmarks," said Michael Bellisario, senior hotel research analyst and director at Baird. "Two different investment narratives drove stock price performance during the month: In early November, third quarter earnings were better than expected, reopening optimism continued to gain momentum, and the hotel brands were hitting new all-time highs; but, by the end of the month, broader growth and inflation concerns surfaced, the Omicron variant spooked investors and impacted all travel-related stocks, and the hotel REITs were hitting new year-to-date lows."

WHEN IT COMES to growing hotel revenue, size does not matter. Economy hotels and micro-inventory properties are experiencing one of the biggest booms in recent years, thanks partly to a massive resurgence in small group travel, changing economic trends, and the staying power of global "return to travel". CBRE noted economy and midscale hotels recovered to 2019 performance levels by 2021, and properties with fewer rooms may benefit from lower operating costs when compared to their big-box brethren-though they also tend to have fewer resources with which to hire revenue professionals. Revenue managers are driving the charge for better operating returns. Many are taking the lessons they learned from their success at larger hotels and applying these truths to the industry's smaller properties. These revenue managers leverage new technology and strategies, options that small hotels with smaller, cross-functional staff haven't fully embraced. However, competition among economy hotels and properties tends to be fierce, requiring new action, especially with recent economic pressures and a downward 2023 RevPAR forecast of 0.2 percent in recent data shared by Tourism Economics . Modern revenue management practices and technology can provide these hotels with many benefits and significant competitive advantages. Small hotels need to avoid the erratic rate shifts of the past and capitalize on new trends as they emerge. By embracing strong revenue management systems and discipline in these properties, operators can realize greater control over a typically inconsistent space. Room Enough for Revenue The most common misconception about revenue management's place in hospitality is that it is the domain of large or full-service hotels. This is simply not the case today. No two hotels are the same, in practice, with key differences always existing between the layout of a property, its location, third-party partnerships, and so on. Every hotel has different revenue pot

THE BAIRD/STR Hotel Stock Index jumped 15.8 percent in October, according to STR. There were no signs of slowing as U.S. demand continued to strengthen during the month. The index decreased 8 percent year-to-date through the first ten months of 2022. The index fell 9.1 percent in September. In October, the index outgrew both the S&P 500, up 8 percent and the MSCI US REIT Index, increased 4.7 percent. The hotel brand sub-index increased 14.4 percent from September to 9,458, while the hotel REIT sub-index grew 20.6 percent to 1,193. "October was a strong rebound month for hotel stocks, and they recouped all their losses from the prior two months," said Michael Bellisario, senior hotel research analyst and director at Baird. "Importantly, both the global hotel brands and the hotel REITs were relative outperformers versus their respective benchmarks in October. As investors shifted their focus from broader macroeconomic uncertainties to sector-specific performance ahead of and through third-quarter earnings reports, hotels continued to screen favorably given still-strong underlying fundamentals and an intact post-pandemic recovery thesis."

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."

STEERED BY SEVERAL factors, including the strong performance by several hotel brands, the Baird/STR Hotel Stock Index increased 1.4 percent in April to a level of 5,430, STR said in a statement. Growth is slowing, STR said, but will continue for the next quarter or more. "Hotel stocks increased in April, and the gains were driven by outperformance from the global hotel brands," said Michael Bellisario, senior hotel research analyst and director at Baird. "RevPAR trends have remained solid in the face of growing macroeconomic uncertainties and continued banking turmoil, and first-quarter earnings generally have surprised to the upside with positive full-year estimate revisions occurring. The Hotel REITs declined more than 2 percent in April and underperformed the RMZ, while the global hotel brands gained just over 2.5 percent and outperformed the S&P 500's return by 100 bps." According to STR, the Baird/STR Hotel Stock Index fell slightly behind the S&P 500, which was up 1.5 percent in April but came in above the MSCI US REIT Index, up 0.7 percent. The hotel brand sub-index jumped 2.5 percent from March to 10,178, while the hotel REIT sub-index dropped 2.6 percent to 1,045, it added. "The industry continues to revert to normal patterns and calendar shifts with growth slowing as forecasted," said Amanda Hite, STR president. "Monthly demand fell year over year for the first time since the recovery began in April 2021, but that decrease can be attributed to an extra Sunday on the calendar this year versus last. Without the extra Sunday, which is historically a low-performance night, demand would have been slightly up from last year. ADR, on the other hand, grew 3.4 percent, while RevPAR was up 1.8 percent - the lowest increase of the recovery thus far. Despite slowing growth, we expect the industry to see further gains throughout the summer and fall."

ACCORDING TO THE March 2022 edition of CBRE's Hotel Horizons national forecast report, the total revenue for a typical U.S. hotel is not expected to return to pre-COVID 2019 nominal dollars until 2023. Accordingly, hotel owners and operators continue to seek ways to control expenses, and that can include property taxes. One potential reduction opportunity is property taxes, according to an article from Robert Mandelbaum, director of research information services for CBRE Hotels Research, and Mark Whitney, managing director of CBRE's Property & Transaction Tax Services platform. Based on a sample of 3,400 hotels from CBRE's Trends in the Hotel Industry database, U.S. hotel property tax expenditures declined by 13 percent from 2020 to 2021. This decline put 2021 property taxes 9.9 percent below 2019 levels. Unfortunately, this compares unfavorably to the 41.3 percent decline in revenues and 57.4 percent falloff in profits during the same period. For this analysis, profits are defined as earnings before interest, taxes, depreciation, and amortization, or EBITDA. Relationship to Profits Compared with other forms of real estate, hotel financial performance is relatively volatile. Because of the lack of long-term leases, hotel revenues and profits will react almost instantaneously to changes in the economy. This was evident during 2020 when we observed a sudden 64.3 percent drop in revenues along with a 109.4 percent decline in EBITDA in reaction to the pandemic.

REFORMS TO THE distribution of Small Business Administration loans, a new H2-C visa program and expansion of the Earned Income Tax Credit to benefit hotels were the main topics discussed at AAHOA's recent Fall National Advocacy Conference with legislators in Washington. Days later, AAHOA leadership met with Federal Trade Commission Commissioner Alvaro Bedoya to discuss fair franchising concerns. A day of advocacy AAHOA board members and representatives met with more than 100 agency heads and 40 U.S. senators and representatives in Washington to advocate for these and other causes for the hospitality industry.

FORMER AAHOA CHAIRWOMAN Jagruti Panwala testified recently before Congress on the Department of Labor's proposal to raise the overtime salary exemption threshold for executive, administrative, and professional employees under the Fair Labor Standards Act. Panwala, now a board member for American Hotel & Lodging Association, argued that the proposed change would actually limit hotel employees' opportunities and does not take into account economic differences between regions of the country. In August, DOL proposed raising the threshold from $35,568 to an estimated $60,209 in 2024 according to AHLA based on the department's projections. That equals a nearly 70 percent increase, and AHLA said that means all employees making under that amount must be paid overtime for any hours worked over 40 in one week. The DOL proposal also would automatically increase the threshold every three years thereafter based on the 35th percentile of earnings for full-time salaried workers in the lowest-wage census region, currently the South.

IHG HOTELS & RESORTS is set to launch a new brand targeted at midscale conversions, the company said during its first-half earnings call. Although the company has kept the brand's name under wraps, more than 100 hotels and their owners have displayed strong interest in the new brand. IHG, has previously established brands such as Holiday Inn and Holiday Inn Express in the upper-midscale category. It expects that the forthcoming brand will advance the company's growth within a $14 billion segment exclusive to the U.S. market. "As we expand our brand portfolio, we're pleased to announce an upcoming launch of a new brand aimed at midscale conversion opportunities," said Elie Maalouf, IHG's CEO. "Conversions offer substantial growth potential, constituting approximately 40 percent of global first-half openings and signings, reflecting owners' increasing eagerness to swiftly benefit from IHG's reach and enterprise. We're thrilled that over 100 hotels have already expressed definite interest in this new brand."

URBAN PARK HOTEL Collection, an independent budget-conscious hotel group, has partnered with technology firm LodgeTender to integrate its latest hotel technology platform. The new technology offers hotel owners an extra revenue stream, while eliminating the need to pay for a hotel PMS, booking engine, and channel manager, Urban Park Hotel said in a statement. "The partnership with LodgeTender offers our hotel portfolio an opportunity to earn rather than pay for a technology package," said Jay Patel, managing partner of Urban Park Hotel Collection. "We're delighted to introduce products and services that not only save our owners money, but also generate additional revenue for our member hotels." "Hotel owners now have the chance to upgrade their technology while staying ahead with productive features for added revenue and seamless guest service connections," added Kent Comfort, president of LodgeTender.

ATLANTA-BASED FIRM Hospitality Lodging Systems added 73 hotels with 5,967 rooms in 2021. The firm posted a 16 percent increase in hotels and 21 percent hike in rooms compared to last year, a statement said. In 2020, HLS had 63 hotels with 4,929 rooms. HLS said that of these properties, 42 hotels containing 4,201 rooms operate under the Budgetel Inn & Suites brand, 21 with 1,171 rooms operate under the AmeriVu Inn & Suites brand and 10 hotels containing 595 rooms operate as a Haven Hotel. "We are attracting owners who want to keep more of the money they earn, which is especially appealing in today's post-pandemic marketplace when improving ROI is a top priority," said Doug Collins, chairman and CEO of HLS. "Our business model gives owners the freedom to operate their properties in their own way, with some administrative and marketing help but without mandated style changes and amenity upgrades that drive up costs."

FOUR HOTELS HAVE converted to the AmeriVu brand founded in 2015 by Wisconsin hotelier Nick Rai. Amerivu is now part of Atlanta-based Hospitality Lodging Systems. The 51-room AmeriVu Inn & Suites in Cisago City, Minnesota, is a conversion from a Comfort Inn. Nearby attractions include Bloom Lake Barn wedding venue, Wild Mountain Ski Area, Trollhaugen Outdoor Recreation Area, Cedar Lake Speedway and Somerset Amphitheater. Amenities include an indoor heated pool with hot tub and is ADA accessible. "In the post-COVID environment, hotel owners don't want to work hard to recover and rebound, just so they can send bigger checks to their brand," said Doug Collins, Chairman and CEO of HLS. "Instead, more owners are deciding to work smarter - by switching to a brand that keeps hard-earned money in their pocket." In 2017, Rai opened the 40-room AmeriVu Hotel in Cumberland, Wisconsin, the 42-room AmeriVu in Prairie du Chien, Wisconsin, and two other conversions.

JUST OVER ONE year ago, President Biden signed an executive order directing an "all-of-government approach" to assessing the status of the nation's supply chains to repair disruptions that are currently plaguing businesses large and small. The order led to the creation of a new plan, based on a six-month study, that the administration announced on Feb. 24 and which has earned the approval of the U.S. Small Business Administration and AAHOA. Biden's order a year ago led to the creation of the Supply Chain Disruptions Task Force. The report includes data from seven cabinet agencies, the Departments of Defense, Homeland Security, Commerce, Energy, Agriculture, Transportation and Health and Human Services. The administration announced additional actions to build long-term resilience across critical supply chains and formally institutionalize supply chain resilience.