Each Friday, HotelNewsNow.com provides a roundup of news from the hotel industry’s publicly traded companies. Today’s update includes: Accor; DiamondRock Hospitality Company; LaSalle Hotel Properties; and Wynn Resorts Limited.
Baird/STR Hotel Stock Index
The Baird/STR Hotel Stock Index closed Thursday at 1,829. It was at 1850.40 as of 9:45 a.m. EST Friday.
Accor
France-based Accor (EPA: AC) reported a 2.7% revenue increase during the third quarter. The company noted strong demand and “solid” room rates in its economy segment.
The company’s upscale and midscale brands benefited from summer-season demand and posted robust improvements in key indicators, especially Sofitel with a double-digit rise in revenue per available room.
Accor’s stock price closed Thursday at €21.84 per share (US$30.12 per share) and is down more than 30% year to date.
DiamondRock Hospitality Company
Real-estate investment trust DiamondRock Hospitality Company (NYSE: DRH) said revenue per available room grew by 6.5% during the third quarter to US$126.72. Also, occupancy grew by 18.5% to 80.2% and average daily rate was up 2.3% to US$157.92.
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The company also announced it is dealing three hotels—comprising 1,422 rooms—to an affiliate of Inland American for US$262.5 million. Included in the sale are the Griffin Gate Marriott Resort & Spa in Lexington, Kentucky; the Renaissance Atlanta Waverly; and the Renaissance Austin in Texas.
The New York-based REIT’s stock price closed Thursday at US$7.90 per share and is down 34.17% year to date.
LaSalle Hotel Properties
Bethesda, Maryland-based LaSalle Hotel Properties reported that third-quarter RevPAR increased by 6.4% to US$166.09; ADR increased by 5% to US$198.18; and occupancy climbed by 1.4% to 83.8% at the 36 hotels (representing approximately 8,900 rooms) in its portfolio. LINK TO PATRICK’S STORY
The REIT’s stock price is down 18.56% year to date, closing Thursday at US$21.50 per share.
Wynn Resorts Limited
Las Vegas-based Wynn Resorts Limited (Nasdaq: WYNN) said net revenues increased by 30% during the third quarter to US$1.3 billion.
Also, the company said its Wynn Macau operation saw revenue growth of 41.7% to US$951.4 million. ADR at Wynn Macau grew by 9.7% to US$315; occupancy was up 7% to 93.7%; and RevPAR also increased by 17.3% to US$295.
Wynn’s stock price closed Thursday at US$123.37 per share, up 18.81% year to date.
Compiled by Shawn A. Turner.