Lodging

Title Tickers Date Pages
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
Accor SA 3Q20 Conference Call Sector Readthroughs - China Recovery Momentum Encouraging; Very Few Positive Readthroughs For Other Markets 2020-10-22 4
H: Hyatt - Upgrading to Hold; See Balanced Risk/Reward as NT Headwinds are Offset by Best in Class Unit Growth, Solid Liquidity H 2020-10-22 9
Airbnb, Inc. - ICYMI - A Few Nuggets on Airbnb's 2021 Expectations HLT, WH, ABNB, GRUB, MAR, CHH, H 2020-10-22 2
WH: Wyndham - Looking for 3Q RevPAR Upside and QTD Trends Holding Flat Relative to September; Strong Liquidity Position Could = Dividend Raise WH 2020-10-19 6
Unique Travel Data - Deep Dive   - Continue to Favor Leisure-focused, Drive-to Lodging Names 2020-10-15 23

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