Keepin' It Real  

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Hotel REITs: Time To Get Away?

  • Fueled by vaccines and fiscal firepower, the United States has emerged as the clear global leader of the post-pandemic economic recovery, powering a robust recovery in domestic leisure travel.

  • TSA data showed that domestic travel has recovered to 75% of pre-pandemic levels after bottoming at under 5%. STR reported that hotel occupancy has recovered to 90% of pre-pandemic levels.

  • Following a brisk post-vaccine share price recovery, hotel REITs and the broader hospitality industry have stalled over the last quarter amid renewed concerns over COVID variants abroad.

  • While the recovery in domestic leisure travel is nearly complete, international tourism will likely remain depressed and recent outbreaks suggest risks are skewed to the downside for the hospitality industry.

  • Hotel REITs are not out-of-the-woods, but we've become more bullish on the long-term outlook for domestic business travel. We see pockets of value in leisure-oriented hotel REITs focusing on Sunbelt markets.

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Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at HoyaCapital.com. 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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