The previous Insight showed that the S&P hotel index was in a sustained downtrend, with bearish technical and valuation indications for future relative performance trends. Fundamental forces also argue for caution. Consumer spending…

Despite whiffs of optimism regarding U.S. consumption trends, S&P hotel index relative performance is in a bear market. The share price ratio is well below its 40-week moving average, which itself is drifting lower, and cyclical…

The S&P hotels index is breaking down. The era of cheap financing costs spurred a multiyear lodging industry construction binge, creating a backlog of new capacity likely to hit markets for some time to come. In the interim, there…