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On 11-20 BMO Capital Markets Upgraded HME from Underperform to Market Perform. On 11-22 Citigroup Initiated coverage of EDR at Sell and Initiated coverage of ESS at Hold. On 11-21 HST was cut to neutral at Merrill Lynch from buy, citing valuation. "We remain very optimistic with respect to Host's outlook owing to the 27 acquired Starwood hotels earlier this year, the relatively low leverage on the balance sheet and increasing common dividends," Merrill Lynch said. On 11-27 RBC Capital Downgraded HME from Sector Perform to Underperform and Upgraded UDR from Underperform to Sector Perform. On 11-30 RBC Capital Upgraded EQR from Underperform to Sector Perform. Hotel Stocks We Like Jeremy Glaser, Morningstar 11-20 Travel plummeted after the 9/11 attacks, leaving hotels half empty. The industry's troubles were compounded by high fixed costs--costs that don't fall despite unoccupied rooms. Several companies that were teetering on the edge -- like Lodgian -- were pushed into bankruptcy. At the time there was concern that terrorism fears and expanded use of video conferencing would create a permanently depressed travel market. The doom-and-gloom scenario did not come to pass. Beginning in 2004, travelers came rushing back as fat corporate profits led to more business travelers, convention-goers re-established their importance, and more-confident consumers took longer and more-expensive vacations. Additionally, very few new hotels have opened since 2000. Developers were not willing to risk building new properties when there was so much fear and uncertainty surrounding the travel market. Even the brave who tried to build new hotels found several substantial barriers. First, there was a limited amount of land in major business centers where the demand for hotel rooms is highest. Second, construction and permit costs rose dramatically as residential construction and international development sucked up scarce resources. We think the outlook for hotels is bright. Demand among all travelers remains high, and bookings for conferences and meetings continue to show strength. We are seeing rising new-hotel supply primarily in low-barrier-to-entry suburban markets. However, we are not that concerned because suburbia is much less important to the lodging industry than large urban centers, where the pace of new construction is tepid. One of our favorite REITs is Strategic Hotels & Resorts, which is currently trading below our fair value estimate. Strategic buys undervalued upscale and luxury properties and then redevelops them to realize their full potential. This can be as simple as new mattresses and TVs in guestrooms to complete overhauls of meeting spaces, restaurants, and lobbies. This active strategy is risky because it adds to the already-formidable capital expenditures that hotels need. But we think Strategic does a good job of managing this risk. Ashford Hospitality Trust (AHT) follows a similar strategy for slightly lower-end hotels, but the company's short track record and concerns about the independence of one of their major managers gives us pause. Other owners look for the best properties in the best locations, regardless of the redevelopment opportunities. Host Hotels & Resorts (HST)--formerly Host Marriott--owns several marquee hotels in the most-attractive markets. Host recently expanded by purchasing most of the hotels still owned by Starwood earlier this year. This deal helped further establish the firm in prime markets such as New York City. DiamondRock Hospitality (NYSE:DRH) is a much smaller and younger company, but it has built an impressive collection of urban upscale hotels that have been performing well. Sunstone Hotel Investors (NYSE:SHO) has a portfolio of upscale hotels concentrated in California. Recently the company intensified its bet on the luxury sector by selling off a portfolio of midscale hotels, mostly Holiday Inns, to focus on big spending travelers. Hospitality Properties Trust (HPT) leases out its properties, giving up the full profit and loss potential that its REIT peers experience. Instead, the company extracts a minimum rent payment from its third-party managers plus additional rent when hotels meet certain profitability and revenue targets. This creates a steady stream of guaranteed rents, which allowed HPT to remain profitable throughout the downturn. A recently announced deal to acquire truck-stop operator TravelCenters of America concerns us because it is such a departure from the firm's hotel business. On 10-06 Wachovia Upgraded BRE from Underperform to Market Perform. Wachovia said BRE is among the only four companies from the apartment sector trading under their private market value (PMV). PMV is the value of a company if each of its parts were independent and publicly traded entities. The brokerage estimates BRE's PMV at $64 a share. The stock closed Monday at $60.40. The apartment sector is trading at an average premium of 2.4% to PMV, Wachovia added. On 10-12 Bear Stearns cut Sunstone Hotels [SHO] to peer perform from outperform, citing valuation and limited earnings upside potential in comparison to other lodging peers. Bear Stearns also cut HIH from Outperform to Peer Perform and HST from Outperform Peer Perform. On 10-24 JMP Securities Downgraded HIH from Market Outperform to Market Perform. On 10-27 Morgan Keegan Initiated coverage of AHT at Market Perform, EHP at Market Perform, KPA at Market Perform, and WXH at Market Perform. On 10-24 KeyBanc Capital Mkts / McDonald Initiated coverage of PPS at Underweight. On 10-31 RBC Capital Mkts Downgraded PPS from Outperform to Sector Perform. On 10-17 AG Edwards Initiated coverage of EDR at Buy. On 17 Stifel Nicolaus Downgraded EHP from Buy to Hold. HME & MAA Raise Dividends Primezone 10-27 Home Properties declared a regular dividend on the Company's common shares of $0.65 per share for the quarter ended September 30, 2006, an increase of 1.6 percent over the Company's prior quarterly dividend of $0.64 per share. On 11-30 Real estate investment trust Mid-America Apartment Communities declared a quarterly dividend of $0.605/share payable on Jan. 31, to shareholders of record on Jan. 15. MAA Raises Dividend PRNewswire 11-30 Mid-America Apartment Communities announced that its board of directors had approved a quarterly common dividend of $0.605 per share payable on January 31, 2007 to shareholders of record on January 15, 2007. NOTE: Although the tables above are checked and double-checked for accuracy, and may at times be 100% accurate - do NOT count on that. Please confirm through your own research any numbers on which you are to make a buy, sell or hold decision. Most sites giving this kind of data would say that it's information is for entertainment purposes only. I will not presume that you are that masochistic. And even accurately replicated and freshly retrieved FFO numbers are often stale. Home Page Previous REIT Update Top Sites |