New York City Hotel Bookings Boom After Short-Term Rental Crackdown
Skift Take
- CNBC discusses the repercussions of New York City's crackdown on Airbnb, suggesting that hotels will benefit from higher prices during the holiday season due to Airbnb's cancellation of bookings after December 1.
- Legacy Development & Management acquired the Albuquerque Marriott Pyramid North and plans a $22 million, two-year renovation, including room upgrades, new amenities, and exterior improvements.
- Various new hotel development projects are underway, including a Marriott Westin at the Indianapolis International Airport, a Hilton-branded hotel in Decatur, Georgia, a Four Seasons Hotel & Residences in Jacksonville, Florida, and a $2 billion theme park called American Heartland in Vinita, Oklahoma.
The DJIA rose 6 points, the Nasdaq was up 2, the S&P 500 was up 3 points, and the 10-year treasury yield barely budged at 4.32%. Was it a holiday, and nobody publicly declared it? Lodging stocks were lower. The movers of note included VCSA with an 8% rise, SHCO up 5%, and BHR fell -7% on the day.
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CNBC weighed in on the whole New York City sensible regulation of Airbnb, saying the beneficiary will be the hotels as travelers to NYC during the holidays will be findinghigher hotel prices now. Airbnb announced plans to cancel and refund bookings for stays after December 1 following the long-planned regulations aimed at curbing illegal short-term rentals going into effe
