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  • Alex Pettee, CFA

Hotel REITs: Spring Break Is Back

  • Powered by Spring Break demand and accelerated by the vaccine roll-out, the recovery in domestic leisure travel - and hotel occupancy - has picked up meaningfully over the past month.

  • TSA data showed that travel is now at 60% of pre-pandemic levels after bottoming at less than 5%. STR reported that hotel occupancy has recovered to 80% of pre-pandemic levels.

  • The Spring revival comes after a dark winter for hotel REITs, which reported another rough quarter in Q4. Optimism for a post-pandemic recovery has sent hotel REITs surging since late-2020.

  • We all need a vacation. While the recovery in leisure travel may be swift, business demand may take a half-decade or longer to return to pre-pandemic levels amid the "new normal" for virtualized work environments.

  • We maintain our outlook that suburban-focused and leisure-oriented properties will bounce far faster than urban business-focused hotels - markets that are also more acutely impacted by Airbnb's looming presence.

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Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at Hoya Capital Real Estate advises an Exchange Traded Fund listed on the NYSE. Hoya Capital is long all components in the Hoya Capital Housing 100 Index.

Additional Disclosure: It is not possible to invest directly in an index. Index performance cited in this commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Data quoted represents past performance, which is no guarantee of future results. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy.

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