Short-Term Rental Crackdown in New York City
Skift Take
- Deutsche Bank said they were a bit surprised at ALIS as they realized their views on 2023 RevPAR and margins were more measured than what they sensed from the companies.
- New York City’s latest plans to crack down on illegal short-term rentals, possibly removing as many as 10,0000 Airbnb listings later this year, is sparking furious debates about housing, hotels, the tourist market and residents’ rights.
- Buccini/Pollin Group is bringing the W Hotel brand to Orlando with plans for a 22-story hotel tower next door to Epic Universe.
The DJIA rose 29 points on Friday, losing most of its gains for the day. Nasdaq was up 109, the S&P 500 rose 10 points and the 10-year treasury yield was up .03 to 3.52%. Lodging stocks were higher. SOND was the biggest gainer, up 8% while ABNB and VCSA were both up 6% on the day.
Wells Fargo cut their rating on Hyatt Hotels to Equal Weight from Overweight. WF upped their target price to $113 from $111.
BNP Paribas downgraded their rating on IHG Hotels to Neutral from Outperform.
Citigroup upped their price target on Playa Hotels & Resorts to $9 from $8. They maintained their Buy rating.
Deutsche Bank said they were a bit surprised at ALIS as they realized their views on 2023 RevPAR and margins were more measured than what they sensed from the companies. Most management teams did not seem all that moved by the spate of corporate layoff
