Lodging

Title Tickers Date Pages
Airbnb IPO Prep - October Short-term Rental KPIs - US Gross Booking Improvement in October Driven by Supply/Demand Imbalance for “Entire Place” Rental Properties 2020-11-23 5
Airbnb, Inc. (ABNB) - Don't Have Time to Read a 400 Plus Page S-1? We Have You Covered 2020-11-17 19
Here's What you Need to Know Exiting 3Q Earnings Season - Vaccine News Won’t Change NT Consumer Demand or Fundamentals, but Will Drive Share Prices Higher 2020-11-12 15
MAR: Marriott - Solid 3Q, but Staying on the Sidelines w/ Shares Trading at 14x ‘22E EBITDA w/ Few Catalysts to Drive Further Multiple Expansion MAR 2020-11-06 5
MAR: Marriott - Big EBITDA Upside on a Modest RevPAR Miss; Cost Control Efforts and QTD Trends Will be the Key Focus Areas on the Call MAR 2020-11-06 5
CHH: Choice Hotels - CHH’s 3Q Results Are as Good as It Gets in the COVID Backdrop but Further Multiple Expansion Hard Fought at Over 16x ‘22E EBITDA CHH 2020-11-05 5
H: Hyatt - Strong Liquidity Position and Return to 4+% Unit Growth in ’21 All Positives, but NT Headwinds Keep Us Sidelined on the Shares H 2020-11-05 5
CHH: Choice Hotels - 3Q 1st Look: Best RevPAR Performance of the Quarter; Trends Improved in October; Valuation Premium Increasingly Justified CHH 2020-11-05 4
H: Hyatt - 3Q 1st Look: Unit Growth a Positive; October RevPAR Improving Relative to 3Q but Mostly Likely Not Relative to September H 2020-11-04 5
HLT: Hilton - We Like HLT’s Ability to Transform to a Higher Margin Biz, But Are Staying on the Sidelines w/ Shares Trading at 15x ‘22E EBITDA HLT 2020-11-04 5
HLT: Hilton - Big EBITDA Upside on a Soft RevPAR Performance; G&A Savings and QTD Trends Will Be the Main Focus Areas on Today’s Call HLT 2020-11-04 4
Scandic Hotels Group AB Conference Call Takeaways - Grim Outlook Coming from the Nordics with Management Guiding to Worsening Trends in November 2020-11-03 5
MAR: Marriott - Looking for Inline 3Q RevPAR; Street Ests Overly Aggressive for the 4Q w/ Rising Case Counts in the US & Shutdowns in Europe MAR 2020-11-02 6
WH: Wyndham - Downward 4Q EBITDA Revisions Largely Reversed If Account for Marketing Overspend Same Way Peers Do; Reiterating Buy Rating WH 2020-10-29 5
GRUB: Grubhub Inc - Very Strong 3Q Topline Performance – Expect Staying Power w/ Rising Case Counts and Dine-in Restrictions Mounting GRUB 2020-10-28 4
WH: Wyndham - RevPAR Light but EBITDA Strong; Focus Now Shifting to October Trends and Metrics Needed for Incremental Shareholder Return WH 2020-10-28 4
HLT: Hilton - Looking for RevPAR Upside w/ 3Q Print & Trends Improving into Oct – Both Needed to Support the Shares at ATH of ~16x ‘22 EBITDA HLT 2020-10-27 6
CHH: Choice Hotels - Looking for 3Q RevPAR Upside & Improving QTD Trends – Both Needed w/ the Shares Trading at Pre-COVID Valuation Levels CHH 2020-10-26 5
Airbnb IPO Prep - Home Rental KPIs - Home Rental KPIs Suggest a Favorable Backdrop for Airbnb's Upcoming IPO 2020-10-26 12
IHG 3Q20 Conference Call Sector Readthroughs - Very Few Positive Readthroughs with IHG Management Forecasting a Muted Industry Recovery in Coming Months 2020-10-23 5

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