Video Notes:
- Leisure: We’ve built up leisure demand models using alternative data sets; reacceleration we’ve seen in August will moderate in September and October; Europe has seen a nice acceleration in leisure demand in July and August but bookings are starting to roll over as we head into the Fall; still see Expedia Group (EXPE) as the top play in the OTA space; any moderation in leisure is a bad thing for hotels and hotel REITs; EXPE remains a long & Xenia Hotels & Resorts (XHR), Park Hotels & Resorts (PK) and Pebblebrook Hotel Trust (PEB) remain shorts
