Below is an excerpt from a complimentary research note by our Gaming, Lodging & Leisure analyst Todd Jordan. We are pleased to announce our new Sector Pro Product Gaming, Lodging & Leisure Pro. Click HERE to learn more.
We still have another day or two of data compiling before publishing our monthly Global Leisure Compendium, but just to give you all a sneak preview, the below chart shows that EMEA region leisure hotel bookings are heading in the right direction.
As of this weekend, these bookings are run rating at their highest levels since Covid.
The dataset mostly skews towards the EU region, which is a good sign for EU hotel operators, but given the more measured move in leisure hotel bookings, we think the below data bodes very well for BKNG’s upcoming quarter and also for EXPE as more Europeans start branching out their leisure travel across borders in Europe.
The release of our data compendium will precede our OTA earnings previews, but as it currently stands, we think the OTAs are set up very well for the coming quarters.
BKNG might have the bigger Q3 relative to the Street, but EXPE’s forward looking commentary, as cross border travel starts to open, could be quite bullish.
We like both stocks from here, but EXPE now has more upside over the NTM based on our numbers.