Wall St sees bargains and lure of Europe buoying cruise, hotel earnings

📆 24/07/2023 16:35:00
📰 Reuters

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The post-pandemic rebound of international travel, particularly to Europe, is expected to be a bright spot for hotels and cruise operators this quarter on Wall Street, even as consumers grow more price-conscious amid higher costs.

shares have gained 72%. In comparison, the broader S&P 500 index is up just about 19% in 2023, according to Refinitiv data.

"The relative value of a cruise is close to 50% cheaper than a comparable land-based vacation," said Patrick Scholes, hotel and cruise analyst at Truist Securities. For Carnival, booking volumes in the second quarter were 17% higher than in 2019, Carnival CEO Josh WeinsteinMeanwhile, investors will be watching if record nightly rates for on-shore accommodations can offset revenue in the second quarter. Lodging companies face softer U.S. demand in part as more consumers take advantage of a stronger dollar in Europe even as inflation cools in the United States.

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