Hotels Learn to Live With Airbnb by Getting Creative
25.08.2023 - 14:32
/ skift.com
/ Sean Oneill
/ Morgan Stanley
Here are some excerpts from Daily Lodging Report from the past week. If you’re not a subscriber, you should be. Get news on hotel deals, development, stocks, and career moves. Sign up here, now.
MCR has acquired the Staybridge Suites Chattanooga Downtown, a five-story, 124-room, extended-stay hotel in Chattanooga, Tennessee. The company has the option to convert 13,000 square feet of underutilized ground-floor space into additional guest rooms, retail, or meeting space. The hotel boom in extended stay has helped the segment compete against the rise of vacation rentals and short-term accommodations.
Braemar Hotels & Resorts Inc. completed the acquisition of the luxury 210-room Four Seasons Resort Scottsdale at Troon North in North Scottsdale, Arizona. The $267.7 million acquisition was funded with cash on hand and no common equity was issued. The property features 5.7 acres of excess developable land which is zoned for commercial use. The potential uses include new hotel keys, as well as fitness and health studios, restaurants, and accessory buildings.
Hyatt Hotels Corporation and Playa Hotels Resorts N.V. announced the opening of Hyatt Zilara Riviera Maya in Riviera Maya, Mexico. The all-inclusive resort includes 291 suites, an ocean-view pool with an adjacent hot tub, nine restaurants, bas and lounges, Zen Spa, and more than 6,000 square feet of modern facilities for conferences and meetings.
Skift Note: Some analysts wonder if Hyatt is considering acquiring Playa Hotels to expand further into all-inclusive resorts.
Morgan Stanley re-launched coverage on the lodging sector, saying they prefer C-Corps over REITs [real estate investment trusts]. MS said they believe C-Corps have undergone structural changes over the past 10 years that have yielded a more resilient, higher margin-free cash flow. While they believe U.S. 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 Hyatt (Top Pick), Hilton, Marriott, and Wyndham. Underweight ratings were given to Xenia Hotels, Pebblebrook Hotel, and Sunstone Hotels.
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 rules, set to be implemented on January 9, will require all Airbnb hosts in the city to register their units with the Mayor’s office of Special Enforcement. Airbnb will be barred from processing payments for any hosts who fail to register. The company said the rules will result in a