Bernstein has identified a slate of hotel, cruise and online travel agency (OTA) stocks that it views as primed for notable growth based on projected earnings trajectories, strategic positioning and industry dynamics. The firm’s selections emphasize companies with expected EBITDA expansion, balance-sheet or business-model shifts, and favorable event and demand calendars.
In the hotel category, Marriott is Bernstein’s highest-conviction choice. The firm points to sector-leading EBITDA estimate growth as its credit card arrangement is incorporated into forecasts. Bernstein also highlights Marriott’s valuation as unstretched and notes the company’s substantial exposure to an expected inflection in U.S. RevPAR - Revenue Per Available Room - along with benefits from all three major U.S. events. These factors underpin Bernstein’s positive view of Marriott’s near-term earnings power.
Hyatt ranks closely behind Marriott as Bernstein’s second hotel pick. While Bernstein expects Hyatt to show slightly less EBITDA growth than Marriott, the company’s ongoing transition toward an asset-light model is expected to help unwind its short base over time. The firm does flag short-term caution for Hyatt because first-quarter expectations sit below consensus, but it anticipates that a busy event calendar will allow the company to make up ground on a full-year basis.
Recent analyst activity and company updates cited by Bernstein reinforce their hotel views. Marriott International has received rating upgrades from firms including BMO Capital and Goldman Sachs, with those analysts pointing to strength in Marriott’s luxury portfolio and favorable outcomes from credit card renewals. Marriott also reported 4.3% net room growth in 2025, equivalent to adding nearly 100,000 rooms to its global portfolio in that year.
Hyatt’s recent corporate actions include the completion of a significant real estate sale consistent with its asset-light strategy, although the company’s near-term financial outlook was affected by hurricane damage at several properties. In response to the company’s developments, Goldman Sachs has reinstated coverage on Hyatt with a Buy rating and expects key performance indicators to accelerate.
Among cruise operators, Royal Caribbean Cruises is Bernstein’s top selection. Bernstein expects RCL to comfortably outpace Carnival and Norwegian on EBITDA growth expectations through 2027. The analyst house positions Royal Caribbean as the primary beneficiary of an expected narrative swing in the cruise industry over the coming year - shifting from concerns about oversupply to recognition of undersupply and increased innovation through 2027. Bernstein acknowledges that Royal Caribbean’s current valuation sits above its historical average but remains comfortable with further upside potential given meaningful improvements in return on capital employed (ROCE).
Royal Caribbean reported fourth-quarter 2025 results in which both earnings per share and revenue of $4.26 billion met analyst expectations for the period. Bernstein’s projection of stronger EBITDA growth at RCL versus peers rests on that operational performance and the firm’s view of evolving supply-demand dynamics within cruising.
In the online travel agency cohort, Airbnb tops Bernstein’s rankings. The firm characterizes Airbnb as a "frustrating stock" in recent years - noting that slowing top-line growth and margin degradation have offset otherwise solid earnings momentum. Nevertheless, Bernstein expects an inflection point is approaching. The firm anticipates a World Cup-boosted year and further innovation through vertical and geographic expansion to drive Airbnb toward an acceleration to double-digit revenue growth in 2026 and 2027. Concurrently, margins are expected to inflect to modest growth as Airbnb reorients to a more targeted investment strategy.
Bernstein’s projections have Airbnb delivering sector-leading 16% growth in next-twelve-month EBITDA expectations across 2026. That outlook has been accompanied by recent analyst upgrades from Citizens, B. Riley and Barclays, with those firms pointing to potential upside from Airbnb’s hotel expansion strategy and an attractive valuation backdrop.
Bernstein also reviews other OTA and travel-related names. TripAdvisor screens well on valuation and earnings growth, but the firm views TripAdvisor as having a less clear catalyst path. Bernstein notes potential upside if TripAdvisor sells The Fork, but also flags the risk that accelerated disruption from artificial intelligence could present headwinds. Trading at less than 6x price-to-earnings, Bernstein regards TripAdvisor’s current risk-reward as still favorable.
For Booking Holdings, Bernstein observes that fundamentals point to a positive year but suggests that potential AI-related developments might create a more attractive entry point than Booking’s current valuation of roughly 20x price-to-earnings.
The article’s company-specific context is supported by recent corporate results and analyst actions. TripAdvisor reported third-quarter earnings that beat analyst estimates for profit and disclosed a strategic realignment expected to generate significant cost savings. Booking Holdings experienced mixed analyst commentary - receiving an upgrade from Mizuho, a downgrade from Citizens due to AI-related risks, and it announced a chief executive officer change at its KAYAK unit.
Bottom line - Bernstein’s selections focus on companies where expected EBITDA expansion, business-model transitions or event-driven demand provide a clear pathway to outperformance. Marriott, Royal Caribbean and Airbnb stand out within their respective subsectors for the combination of near-term catalysts and analyst conviction cited by Bernstein.