APLE - Hotel stocks lodging REITs have room to run on COVID recovery Bofa says

Even with Monday's rally in hotels and lodging REIT due to encouraging data from Pfizer's COVID-19 vaccine candidate, the stocks have "more room to run," writes Bank of America Securities analyst Shaun Kelley.BofA tilted positive on the hotel sector in late September, noting the sector is early in the recovery cycle, macroeconomic damage isn't as bad as feared, cash burn rates are declining, and concerns about corporate travel "appear surmountable."Kelley's top hotel pick is Marriott ([[MAR]] +1.0%) as it has been underperforming peers due to high end management and incentive fees; sees 27% upside potential for MAR;A close number 2 is Hilton ([[HLT]] +0.8%), which has held up better due to its franchise heavy fee mix and higher unit growth, but has streamlined G&A and "is expected to be aggressive on capital returns"; sees 15% upside potential.Pebblebrook Hotel Trust ([[PEB]] +0.2%), Ryman Hospitality Partners ([[RHP]] +1.3%) and Park Hotels &

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Hotel stocks, lodging REITs have room to run on COVID recovery, Bofa says