Hotel Earnings: 7 Things We Learned
Abhishek Mukherjee 
Major hotel companies reported mixed expectations for travel spending, revealing the uneven impact of economic uncertainty across customer segments.
"What most stood out to us from this past earnings season for the hotel companies was the sizable differentiation in expectations, which ranged from bullish to highly cautious," wrote analysts at Truist on Monday.
While IHG and Accor maintained optimistic forecasts, Wyndham, Marriott, Hilton, and Hyatt trimmed their expectations.
The divide was income-based. Luxury properties performed well, while mid-tier hotels serving middle-class consumers saw softening. Marriott, Hilton, and Hyatt saw strength in high-end resorts but relative weakness in limited-service properties.
The reports came before the U.S. and China agreed to more trade talks on Monday. Here's what stood out to us.
1. "Not Assuming a Recession""We're not assuming a recession scenario," said Marriott CEO Anthony Capuano. That comment, reflecting the view of the world's largest hotel operator, was in sync with what other CEOs at other hotel groups said.
Many analysts entered earnings season wondering if the American consumer was postponing travel spending. Bank of America credit card data showed that over
