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Corrects story to reflect company is monitoring ancillary spending of higher income travelers not budget travelers
By Doyinsola Oladipo
NEW YORK, Sept 18 (Reuters) - Marriott International's MAR.O Chief Executive Officer Anthony Capuano said on Wednesday that the company is watching to see if higher-end consumers will continue to pull back their travel spending in the third quarter.
High-income consumers continue to prioritize travel, but the company in the second-quarter saw a small pullback on ancillary spending such as food, beverage and spa services.
"We'll watch that over the next couple quarters to see if it was a blip or if they're being a little more judicious in their spending," Capuano said at a travel conference in New York.
Ancillary spending rose year-over-year in the second quarter but not quite as much the company had anticipated, Capuano added.
(Reporting by Doyinsola Oladipo in New York; Editing by Cynthia Osterman and Chizu Nomiyama)
(( Doyinsola.Oladipo@thomsonreuters.com ; +18623846440; https://www.linkedin.com/in/doyinsolaoladipo/; ))
Keywords: MARRIOTT INTNL-BOOKINGS/ (CORRECTED, UPDATE 1)
Markets are bouncing Wednesday afternoon following the Federal Reserve’s decision to cut rates by 0.5%, marking the beginning of the central bank’s highly anticipated cutting cycle.
What To Know: Wednesday’s 0.5% rate cut brings the target fed funds rate to a new range between 4.75% and 5%, down from a 23-year high of 5.25% to 5.5%. It’s also the first rate cut since March 2020.
The fed funds rate has been sitting at a range between 5.25% and 5.5% since the central bank last hiked in July 2023.
The SPDR S&P 500 , which tracks the S&P 500 index, was up 0.39% at last check, led higher by a variety of names like Arm Holdings Plc , The Trade Desk Inc Toyota Motor Corp , General Motors Co and Marriott International .
The materials sector, as tracked by the Materials Select Sector SPDR Fund , was showing the most strength at the time of writing, climbing approximately 0.6% following the Fed decision. The energy sector, tracked by the Energy Select Sector SPDR Fund , was the weakest, down 0.3% following the rate cut. Energy stocks had performed well on Wednesday ahead of the Fed decision, which may explain some of the relative weakness in afternoon trading.
Here’s a look at how various ETFs tracking the price-weighted Dow Jones Industrial Average, tech stocks, small caps, treasuries and gold are faring following the Fed’s latest move.
It’s also worth noting that crypto markets are volatile following the Fed decision on rates. Bitcoin was down 0.86% over a 24-hour period, trading at $60,480, but well off its lows for the day, and Ethereum was down 1.79% at $2,322.
Check This Out: Federal Reserve Delivers Bold 0.5% Rate Cut, Signals Further Easing Ahead
The increased volatility is likely a result of uncertainty heading into the meeting. According to CME’s FedWatch tool, the market was projecting a 61% chance of a larger 0.5% rate cut heading into the meeting versus a 39% chance of a smaller 0.25% cut.
As reported by Benzinga, the updated quarterly Dot Plot, which helps signal the Fed’s future policy intentions, indicates a more aggressive path for rate cuts than previously projected following Wednesday’s 0.5% cut. The median projection now calls for a total of 1% in rate cuts in 2024.
SPY Price Action: At the time of publication, the SPDR S&P 500 was up 0.39%, trading at $565.30, according to Benzinga Pro.
Read Next:
Watch Fed Chair Jerome Powell‘s press conference here:
This illustration was generated using artificial intelligence via Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
NEW YORK, Sept 18 (Reuters) - Marriott International's MAR.O Chief Executive Officer Anthony Capuano said on Wednesday that the company is watching if the slowdown in travel spending from lower-income consumers will hold in the third-quarter.
"In the second-quarter, we saw just a little bit of a pullback on the ancillary spend [on] food, beverage and spa," Capuano said at a travel conference in New York. "We'll watch that over the next couple quarters to see if it was a blip or if they're being a little more judicious in their spending."
(Reporting by Doyinsola Oladipo in New York;)
(( Doyinsola.Oladipo@thomsonreuters.com ; +18623846440; https://www.linkedin.com/in/doyinsolaoladipo/; ))
Keywords: MARRIOTT INTNL-BOOKINGS/ (URGENT)
Investors are on edge in the lead-up to the Wednesday Federal Open Market Committee interest rate decision that is expected to deliver the first cut to the federal funds rate in over four years.
The market is divided on the magnitude of the anticipated rate cut. Traders are assigning a 59% probability to a 50-basis-point cut, while a 41% chance is placed on a more modest 25-basis-point reduction. The size of the rate cut is crucial as it could trigger significant market reactions.
Should the Fed opt for a 50-basis-point cut, it may be perceived as an acknowledgment that interest rates are overly restrictive. This could lead to increased expectations for further rate cuts in the coming months, potentially fueling risk sentiment and driving stock prices higher.
Conversely, a 25-basis-point cut might disappoint investors who are betting on a more aggressive measure.
Since the start of 2022, the S&P 500, tracked by the SPDR S&P 500 ETF Trust , has experienced an average move of plus or minus 1.3% during FOMC events, reflecting the market’s high sensitivity to Fed policy decisions.
Goldman Sachs equity analysts, including John Marshall, analyzed stock movements during the first rate cuts in the previous three Fed easing cycles (Sept. 18, 2007, July 31, 2019 and March 3, 2020).
The data highlights the average moves of several key S&P 500 stocks with liquid options during these periods.
Read Next:
Federal Reserve illustration created using artificial intelligence via MidJourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
For Immediate Release
Chicago, IL – September 18, 2024 – Today, Zacks Equity Research discusses Marriott International, Inc. MAR, Hilton Worldwide Holdings Inc. HLT and Hyatt Hotels Corp. H.
Industry: Hotels and Motels
Link: https://www.zacks.com/commentary/2336990/3-hotels-motels-stocks-to-watch-despite-industry-concerns
The Zacks Hotels and Motels industry in 2024 faces challenges from rising costs, geopolitical tensions and ongoing economic uncertainty. However, industry participants are concentrating on growth strategies, including expanding their portfolios, converting properties, forging strategic partnerships and enhancing loyalty programs.
The industry has shown resilience through cost-cutting measures and digital innovations. Hotel operators remain focused on balancing profitability while ensuring guest satisfaction continues to improve. Industry players, namely Marriott International, Inc., Hilton Worldwide Holdings Inc. and Hyatt Hotels Corp., are likely to benefit from the factors mentioned above.
Industry Description
The Zacks Hotels and Motels industry comprises companies that own, lease, manage, develop and franchise hotels. Some vacation ownership and exchange firms are also a part of the industry. Several participants own, construct and operate resorts. Some companies develop lodges, villages and mobile accommodations, including modular, skid-mounted ones and central amenities that provide long-term and temporary workforce accommodations. Some industry players develop, market, sell and manage vacation ownership and associated products. Few hoteliers also offer studios, one-bedroom suites and accommodations to mid-market business and personal travelers.
3 Trends Shaping the Future of the Hotels & Motels Industry
High Costs & Inflation Remain a Woe: Industry participants are concerned about higher costs. Rising salaries, wages and benefits have been adding to labor costs. The hospitality sector continues to struggle with labor shortages, driving up wages and reducing service quality. Hotels are finding it difficult to hire and retain staff, leading to reduced capacity and operational challenges. Heightened geopolitical risks and persistent macroeconomic uncertainty are a concern for the industry. Increases in food & beverage and non-operating costs, increased renovation costs and high interest rates are also hurting the industry.
RevPAR & ADR: Although RevPAR and ADR are expected to grow year over year in 2024, the projected growth rate declined compared with the forecast made in January. Per STR, the forecast for revenue per available room now is pegged at a 2% year-over-year increase, down from 4.1% projected in January. On the other hand, ADR is now expected to witness a growth of 2.1%, a decrease from the 3.1% projected in January. STR predicts RevPAR growth for 2025 to be 2.6% year over year in 2025, down from the earlier projection of 3.5%.
Digitalization to Drive Growth: Hotel owners are focused on maintaining the balance between maximizing hotel profitability and driving guest satisfaction. To this end, hoteliers have leveraged mobile and web check-in and mobile key technologies. These hoteliers also increased the use of digital tools to strengthen infrastructure, grow online package sales, enable self-service bookings, make real-time offerings and enhance the overall customer experience. This and the emphasis on pricing optimization and merchandising capabilities will likely help hoteliers capture additional market share.
Zacks Industry Rank Indicates Dismal Prospects
The Zacks Hotels and Motels industry is grouped within the broader sector.
The group's Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates dull near-term prospects. The Zacks Hotels and Motels industry currently carries a Zacks Industry Rank #145, which places it in the bottom 42% of the 251 Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
The industry's position in the bottom 50% of the Zacks-ranked industries results from a negative earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, analysts are gradually losing confidence in this group's earnings growth potential. Since Aug. 31, 2024, the industry's earnings estimate for 2024 dropped 0.2%.
Before we present a few stocks you may want to keep an eye on, let's look at the industry's recent stock-market performance and valuation picture.
Industry Underperforms the S&P 500
In the past year, the Zacks Hotels and Motels industry has lagged the S&P 500 but has outperformed the sector. Over this period, the industry appreciated by 18.7% compared with the sector's increase of 8.5%. The Zacks S&P 500 composite has increased 25.7%.
Hotels & Motels Industry's Valuation
On the basis of the forward 12-month EV/EBITDA, which is a commonly used multiple for valuing Hotels and Motels stocks, the industry is currently trading at 19.87X compared with the S&P 500's 25.07X. It is also below the sector's trailing 12-month EV/EBITDA ratio of 11.92X.
Over the last five years, the industry has traded as high as 23.97X and as low as 10.02X, with the median being at 15.27X.
3 Hotels & Motels Stocks to Watch Out For
Marriott: The company has been benefiting from robust leisure demand and solid global booking trends. Also, substantial RevPAR growth in international markets added to the upside. During the second quarter, it registered nearly 5% growth in global RevPAR, with ADR increasing 3% year over year and occupancy reaching about 73%. The emphasis on expansion initiatives, digital innovation and the loyalty program bodes well. However, dismal performance in China and high debt levels are headwinds.
Marriott currently carries a Zacks Rank #3 (Hold). The company’s top line in 2024 is likely to witness a growth of 6.1% year over year. MAR's shares have gained 15.8% in the past year.
Hyatt Hotels: The company is benefiting from a gradual increase in demand, new hotel openings and acquisition initiatives. During the second quarter, system-wide comparable RevPAR increased 4.7% year over year, owing to increased business and group travel. Much optimism prevails on account of group bookings and confidence in the ongoing recovery of business transient demand and the steady levels of leisure transient demand.
H currently carries a Zacks Rank #3. In the past 30 days, the Zacks Consensus Estimate for 2024 earnings has been revised upward by 4.2%. The Zacks Consensus Estimate for Hyatt 2024 EPS suggests growth of 55.1% from the year-ago period’s figure. Hyatt's shares have gained 35.9% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here. .
Hilton: The company is benefiting from improvements in RevPAR, attributed to higher occupancy rates and ADR on the back of solid business and leisure transient demand. Its focus on unit expansion, hotel conversions, strategic partnerships and loyalty programs bode well. The company expects positive development trends to continue on the back of new development and conversion opportunities. For third-quarter 2024, management anticipates system-wide RevPAR to increase in the 2-3% band on a year-over-year basis.
Hilton currently carries a Zacks Rank #3. The Zacks Consensus Estimate for Hilton 2024 EPS suggests growth of 13.2% from the year-ago period’s levels. HLT's shares have jumped 42.2% in the past year.
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Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.
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Zacks Investment Research
800-767-3771 ext. 9339
support@zacks.com
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Zacks Investment Research
The Zacks Hotels and Motels industry in 2024 faces challenges from rising costs, geopolitical tensions and ongoing economic uncertainty. However, industry participants are concentrating on growth strategies, including expanding their portfolios, converting properties, forging strategic partnerships and enhancing loyalty programs. The industry has shown resilience through cost-cutting measures and digital innovations. Hotel operators remain focused on balancing profitability while ensuring guest satisfaction continues to improve. Industry players, namely Marriott International, Inc. MAR, Hilton Worldwide Holdings Inc. HLT and Hyatt Hotels Corporation H, are likely to benefit from the factors mentioned above.
Industry Description
The Zacks Hotels and Motels industry comprises companies that own, lease, manage, develop and franchise hotels. Some vacation ownership and exchange firms are also a part of the industry. Several participants own, construct and operate resorts. Some companies develop lodges, villages and mobile accommodations, including modular, skid-mounted ones and central amenities that provide long-term and temporary workforce accommodations. Some industry players develop, market, sell and manage vacation ownership and associated products. Few hoteliers also offer studios, one-bedroom suites and accommodations to mid-market business and personal travelers.
3 Trends Shaping the Future of the Hotels & Motels Industry
High Costs & Inflation Remain a Woe: Industry participants are concerned about higher costs. Rising salaries, wages and benefits have been adding to labor costs. The hospitality sector continues to struggle with labor shortages, driving up wages and reducing service quality. Hotels are finding it difficult to hire and retain staff, leading to reduced capacity and operational challenges. Heightened geopolitical risks and persistent macroeconomic uncertainty are a concern for the industry. Increases in food & beverage and non-operating costs, increased renovation costs and high interest rates are also hurting the industry.
RevPAR & ADR: Although RevPAR and ADR are expected to grow year over year in 2024, the projected growth rate declined compared with the forecast made in January. Per STR, the forecast for revenue per available room now is pegged at a 2% year-over-year increase, down from 4.1% projected in January. On the other hand, ADR is now expected to witness a growth of 2.1%, a decrease from the 3.1% projected in January. STR predicts RevPAR growth for 2025 to be 2.6% year over year in 2025, down from the earlier projection of 3.5%.
Digitalization to Drive Growth: Hotel owners are focused on maintaining the balance between maximizing hotel profitability and driving guest satisfaction. To this end, hoteliers have leveraged mobile and web check-in and mobile key technologies. These hoteliers also increased the use of digital tools to strengthen infrastructure, grow online package sales, enable self-service bookings, make real-time offerings and enhance the overall customer experience. This and the emphasis on pricing optimization and merchandising capabilities will likely help hoteliers capture additional market share.
Zacks Industry Rank Indicates Dismal Prospects
The Zacks Hotels and Motels industry is grouped within the broader sector.
The group's Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates dull near-term prospects. The Zacks Hotels and Motels industry currently carries a Zacks Industry Rank #145, which places it in the bottom 42% of the 251 Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
The industry's position in the bottom 50% of the Zacks-ranked industries results from a negative earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, analysts are gradually losing confidence in this group's earnings growth potential. Since Aug. 31, 2024, the industry's earnings estimate for 2024 dropped 0.2%.
Before we present a few stocks you may want to keep an eye on, let's look at the industry's recent stock-market performance and valuation picture.
Industry Underperforms the S&P 500
In the past year, the Zacks Hotels and Motels industry has lagged the S&P 500 but has outperformed the sector. Over this period, the industry appreciated by 18.7% compared with the sector's increase of 8.5%. The Zacks S&P 500 composite has increased 25.7%.
Price Performance
Hotels & Motels Industry's Valuation
On the basis of the forward 12-month EV/EBITDA, which is a commonly used multiple for valuing Hotels and Motels stocks, the industry is currently trading at 19.87X compared with the S&P 500's 25.07X. It is also below the sector's trailing 12-month EV/EBITDA ratio of 11.92X.
Over the last five years, the industry has traded as high as 23.97X and as low as 10.02X, with the median being at 15.27X, as the chart below shows.
EV/EBITDA (F12M)
3 Hotels & Motels Stocks to Watch Out For
Marriott: The company has been benefiting from robust leisure demand and solid global booking trends. Also, substantial RevPAR growth in international markets added to the upside. During the second quarter, it registered nearly 5% growth in global RevPAR, with ADR increasing 3% year over year and occupancy reaching about 73%. The emphasis on expansion initiatives, digital innovation and the loyalty program bodes well. However, dismal performance in China and high debt levels are headwinds.
Marriott currently carries a Zacks Rank #3 (Hold). The company’s top line in 2024 is likely to witness a growth of 6.1% year over year. MAR's shares have gained 15.8% in the past year.
Price and Consensus: MAR
Hyatt Hotels: The company is benefiting from a gradual increase in demand, new hotel openings and acquisition initiatives. During the second quarter, system-wide comparable RevPAR increased 4.7% year over year, owing to increased business and group travel. Much optimism prevails on account of group bookings and confidence in the ongoing recovery of business transient demand and the steady levels of leisure transient demand.
H currently carries a Zacks Rank #3. In the past 30 days, the Zacks Consensus Estimate for 2024 earnings has been revised upward by 4.2%. The Zacks Consensus Estimate for Hyatt 2024 EPS suggests growth of 55.1% from the year-ago period’s figure. Hyatt's shares have gained 35.9% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here. .
Price and Consensus: H
Hilton: The company is benefiting from improvements in RevPAR, attributed to higher occupancy rates and ADR on the back of solid business and leisure transient demand. Its focus on unit expansion, hotel conversions, strategic partnerships and loyalty programs bode well. The company expects positive development trends to continue on the back of new development and conversion opportunities. For third-quarter 2024, management anticipates system-wide RevPAR to increase in the 2-3% band on a year-over-year basis.
Hilton currently carries a Zacks Rank #3. The Zacks Consensus Estimate for Hilton 2024 EPS suggests growth of 13.2% from the year-ago period’s levels. HLT's shares have jumped 42.2% in the past year.
Price and Consensus: HLT
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