Short-Term Rental Crackdown in New York City

• 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 […]