The stock values of the hotel industry's public companies rebounded significantly in November.
The Baird Hotel Stock Index — which comprises 20 of the largest hotel brand companies and real estate investment trusts publicly traded on a U.S. stock exchange by market capitalization — jumped 12.8% in November. The year-over-year gain was the highest since the index rose 9.3% in May.
Year to date, the Hotel Stock Index is up 4.7%.
The S&P 500 — an indicator of the health of the broader economy — was mostly flat in November, up just 0.1%. Year to date, the S&P 500 is up 16.4%.
“Hotel stocks rebounded sharply in November, and both the global hotel brands and hotel REITs significantly outperformed their respective benchmarks,” said Michael Bellisario, senior research analyst and managing director at Baird. “Hotel stocks rallied on the heels of better-than-feared third-quarter earnings, and investors shifted their focus to the more favorable growth setup in 2026; the broader risk-on trading backdrop and increased expectations for a near-term interest rate cut added to the upward momentum for hotel stocks.”
The RMZ, or MSCI U.S. REIT Index — which is a gauge of the overall real estate investment market — rose 2.1% in November. The RMZ is up 1.9% year to date.
The hotel brand sub-index rose 13.3% in November, while the hotel REIT sub-index increased 9.3% during the month.
Month over month, Hyatt Hotels Corp. led all public hotel companies with its stock price up 19.6% in November. On the other end, Ashford Hospitality Trust's stock fell 25.8% from October.
Year over year, Hilton's stock jumped 12.5% in November, leading all other public hotel companies. Ashford Hospitality Trust was among the bottom performers; its stock dropped 60.4% from November 2024.
For more information about the Hotel Stock Index, email hotelstockindex@rwbaird.com. The Baird Hotel Stock Index and sub-indices are available exclusively on CoStar News Hotels. The indices were created by Robert W. Baird & Co. (Baird). The market-cap-weighted, price-only indices comprise 20 of the largest market-capitalization hotel companies publicly traded on a U.S. exchange and attempt to characterize the performance of hotel stocks. The Index and sub-indices are maintained by Baird and hosted on Hotel News Now, are not actively managed, and no direct investment can be made in them. As of 30 June 2021, the companies that comprised the Baird Hotel Stock Index included: Apple Hospitality REIT, Ashford Hospitality Trust, Chatham Lodging Trust, Choice Hotels International, DiamondRock Hospitality Company, Hersha Hospitality Trust, Hilton Inc., Host Hotels & Resorts, Hyatt Hotels, InterContinental Hotels Group, Marriott International, Park Hotels & Resorts, Inc., Pebblebrook Hotel Trust, RLJ Lodging Trust, Ryman Hospitality Properties, Service Properties Trust, Summit Hotel Properties, Sunstone Hotel Investors, Wyndham Hotels & Resorts, and Xenia Hotels & Resorts.