Airbnb's Listings in New York Will Shrink
Skift Take
- Morgan Stanley re-launched coverage on the lodging sector, saying they prefer C-Corps over REITs.
- Truist updated their estimates and price targets on some hotel names in their coverage.
- According to the NY Daily News, more than 10,000 Airbnb listings for short-term rentals in New York City are likely to disappear when tight new housing rules take effect next year.
The DJIA fell 483 points while Nasdaq was down 222, the S&P 500 fell 73 points and the 10 year treasury yield was up .07 to 3.60%. Lodging stocks were lower. AINC was the bright spot, up 15%. SLNA fell another -9% to another all time low. VCSA fell another -6% to another all time low. MCG was down -7%, AHT was down -5% and PK, SVC, VAC, HST and BHR were each down -5% on the day.
Morgan Stanley re-launched coverage on the lodging sector, saying they prefer C-Corps over REITs. MS said they believe C-Corps have undergone structural changes over the past 10 year that have yielded a more resilient, higher margin free cash flow. While they believe US hotel REITs have cut costs, the cyclical environment and high capex remain. MS said they believe the macro risk everyone talks about is more muted than a typical cycle, especially as the recovery in travel is still underway. As for stock selection, MS launched with Overweight ratings on
