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Mon, Feb. 1, 11:17 AM
- Embattled Ashford Hospitality Trust (AHT -6.1%) and Ashford Hospitality Prime (AHP -4.2%) are cut to Hold from Buy, as is Hersha HospitalityTrust (HT -4.7%).
- Two other REIT downgrades hit today as well - Duke Realty (DRE -0.6%) to Market Perform from Outperform at BMO Capital, and Equity Residential (EQR -0.3%) to Neutral from Buy.
- Previously: Activist aims to take control of and sell Ashford Prime (Jan. 15)
Mon, Jan. 25, 8:18 AM
- The previous existing mortgage balances totaled $268M - they've been refinanced into one loan totaling $375M. Excess proceeds to AHT were $81M. The loan is interest only with interest rate of Libor + 4.87%. It's secured by 17 hotels.
- In other news, the company is no longer marketing a 24-hotel select-service portfolio as a single portfolio, but will instead look to sell the assets individually or in smaller groups. Ashford will also opportunistically look to put on the block its other 38 select-service hotels.
- "The market for large portfolios of select-service assets changed dramatically (for the worse)," says the company.
- Source: Press Release
Wed, Jan. 13, 3:30 PM
- LaSalle Hotel Properties (LHO -7.3%) earlier cut its Q4 guidance, saying the weak RevPAR trends for it and the industry continued into the end of the year. At the moment, 2016 isn't looking so promising either, says the company.
- The broad markets are selling off sharply today, but the REITs not so much, and there are even a couple of pockets of green. Not in the lodging sector though:
- Hospitality Properties (HPT -3.1%), Ashford Hospitality (AHT -6.1%), Sunstone Hotel (SHO -6.3%), Pebblebrook Hotel (PEB -4%), Chesapeake Lodging (CHSP -4.9%), Summit Hotel (INN -5.6%), RLJ Lodging (RLJ -6.3%), Chatham Lodging (CLDT -3.2%), FelCor Lodging (FCH -10.2%), Host Hotels (HST -5.5%), Hersha Hospitality (HT -5.1%), DiamondRock (DRH -7.4%), Apple (APLE -1.6%)
Mon, Jan. 11, 10:03 AM
- Tough runs continue for Ashford Hospitality Trust (AHT -2%) and its roughly two-year old spinoff Ashford Hospitality Prime (AHP -1.3%) as JMP Securities downgrades both (along with DiamondRock Hospitality and Host Hotels) to Market Perform from Outperform.
Fri, Jan. 8, 9:46 AM
- These income favorites are known for having had a tough time of it in 2015, in part thanks to worries about rising interest rates. MKM's Jonathan Krinsky, however, notes REITs have been relatively outperforming the S&P 500 for months and have just broken out to nine-month highs versus the broader market.
- Krinsky's a technician, so he's staying with the trend and recommending going long REITs (NYSEARCA:IYR) versus the S&P 500.
- Turning to individual REIT sectors and names, he's overweight apartments (AIV, AVB, ESS, EQR, MAA), UDR), storage (CUBE, EXR, PSA, SSS), and shopping malls (KIM, MAC, FRT, REG, IRM).
- He's equal weight data centers (buys: CONE, DCT, QTS, sells: EGP), diversified (buys: AMT, CCI, DLR, DRE, PSB, sells: EQIX, LPT, STAG, VNO, WY, WPC).
- He's underweight office property (buys: EQC, sells: HPP, FSP, GOV, KRC, OFC, PKY, SLG), hotels (sells: AHT, FCH, HPT, HST), mREITs (sells: ARR, STWD, RSO, buy: ABR), healthcare (sells: HCP, MPW, OHI, VTR, buys: DOC, HR, HTA)
Dec. 10, 2015, 4:40 PM
Nov. 4, 2015, 4:20 PM
- Ashford Hospitality Trust (NYSE:AHT): Q3 FFO of $0.35 beats by $0.01.
- Revenue of $364.52M (+80.9% Y/Y) beats by $22.43M.
Nov. 3, 2015, 5:35 PM
- ACAS, ACLS, ACXM, AEL, AHT, ALB, ALR, ANDE, ARC, AREX, ARPI, ATO, AVG, AWAY, AWK, BGC, BKCC, BKD, BNFT, BOJA, BREW, BRKR, BWXT, CAA, CBPX, CCRN, CDI, CDXS, CF, CJES, CLR, CNAT, CODI, COHR, CPE, CSC, CSGS, CSII, CSLT, CTL, CVG, CVT, CXO, CXW, DCO, DOOR, DPM, DXCM, DYN, EGAN, ENVA, EOX, EPAM, EPM, EQC, ETE, ETP, EVAR, EVTC, EXAM, FB, FC, FEYE, FLT, FOE, FPRX, FRSH, FRT, FTD, FUEL, G, GDDY, GPOR, GTY, GUID, HABT, HASI, HDP, HIVE, HOLX, HR, HRTG, HUBS, IL, IO, JKHY, JONE, JRVR, KAI, KAR, KIM, KING, KND, KW, LADR, LCI, LDRH, LGCY, LHCG, LPSN, MATX, MB, MBI, MCHP, MCHX, MELI, MET, MHLD, MITT, MNTX, MOSY, MRIN, MRO, MTDR, MTRX, MUSA, MWA, MYRG, NLY, NNBR, NOG, NP, NWPX, OME, OSUR, PDLI, PE, PEIX, PFMT, PFSI, PGTI, PHH, PMT, POWR, PRA, PRI, PRU, PSEC, QCOM, QUOT, RDEN, RENT, RGR, RIG, RIGP, RJET, RLJ, RNR, RST, SBAC, SBY, SCSS, SD, SF, SGM, SLF, SPPI, SQNM, STR, SUN, SWM, SXL, TCAP, TEP, TROX, TS, TSE, TUMI, TWO, TXMD, UHAL, VEC, VVUS, WFM, WMGI, WPX, WRK, WSR, WTI, XENT, XNPT, XPO
Oct. 27, 2015, 10:07 AM
- Another lodging REIT name logs a big loss as UBS's Robin Farley downgrades Ashford Hospitality Trust (AHT -5.4%) to Sell from Neutral.
- The company last week took note of a late Labor Day and a shift in other holiday dates as leading to a sizable drop in business travel in Q3.
- Previously: Pebblebrook Hotel and LaSalle Hotel lead tough session for lodging REITs (Oct. 23)
Oct. 20, 2015, 10:46 AM
- Q3 RevPAR growth for Ashford Hospitality Growth (AHT +0.4%) was 5%, with CO Monty Bennett taking note of the late Labor Day along with the shift of other holiday dates leading to a sizable drop in business travel.
- Ashford Prime (AHP +1%) saw growth of just 2.7%, with Bennett saying the company believes this to be an anomaly thanks to the unusual calendar.
Oct. 19, 2015, 4:28 PM
- AHT's bylaws are amended to require a majority vote for election of board members (though plurality is enough for contested director elections).
- A shareholder vote will be required for adoption of any poison pill plan for longer than one year.
- The pledging of stock by directors and all executives will be prohibited.
Sep. 18, 2015, 10:13 AM
- Remington operates 93 hotels in 28 states with nearly 18K hotel rooms and roughly 8K associates. It's owned by Ashford's (AINC +12.4%) chairman and CEO Monty Bennett.
- The deal values Remington at an estimated EBITDA multiple of 9.4x, and out-of-pocket cash to Ashford is just $625K each quarter for the next four years. The combination is expected to be immediately accretive to normalized adjusted EPS.
- The deal is subject to receiving an acceptable private letter ruling from the IRS.
- Ashford will continue to look for opportunities to install Remington as the property manager at its managed REITs, AHT and AHP. "Remington has a long, demonstrated track record of outperforming other property managers and driving revenue and EBITDA growth at the hotels it manages," says Bennett.
- A conference call is set for today at 11 ET.
Sep. 15, 2015, 12:21 PM
- Pebblebrook Hotel Trust last night said RevPAR this quarter could miss guidance thanks to weaker-than-expected demand in August and September. The stock is lower by 7.2%, and taking most of the rest of the sector along with it.
- Ashford Hospitality (AHT -2.7%), Ashford Hospitality Prime (AHP -1.8%), Sunstone Hotel (SHO -3.3%), LaSalle Hotel (LHO -4%), Chesapeake Lodging (CHSP -3.4%), Summit Hotel (INN -2%), RLJ Lodging (RLJ -3.6%), Chatham Lodging (CLDT -2.2%), FelCor Lodging (FCH -4.1%), Host Hotels (HST -3.7%), DiamondRock (DRH -3.3%), Hersha Hospitality (HT -3.5%).
- Notable outperformers: Hospitality Properties (HPT -0.8%), Strategic Hotels (BEE flat).
Sep. 15, 2015, 8:01 AM
- Ashford Hospitality Trust (NYSE:AHT) declares $0.12/share quarterly dividend, in line with previous.
- Forward yield 6.27%
- Payable Oct. 15; for shareholders of record Sept. 30; ex-div Sept. 28.
Sep. 11, 2015, 11:51 AM
- "We believe the recent selloff is a head fake," says Canaccord's Ryan Meliker, seeing at least another 18 months in the lodging up-cycle, thanks to a benign supply growth outlook combining with moderate economic growth.
- He notes Q3 RevPAR data is tracking at the high end or above management guidance for most of the 28 companies he covers, with RLJ Lodging Trust (RLJ +1.1%) appearing to generate the most upside to his estimates, followed by LaSalle Hotel Properties (LHO +1.6%).
- Favored names include: Summit Hotel (INN +0.7%), Ashford Hospitality Trust (AHT -0.5%), and Diamond Hospitality (DRH +1.5%). Others of note thanks to being "misunderstood" are Starwood Hotels (HOT +0.1%), Ashford Hospitality Prime (AHP +0.8%), and Hersha Hospitality Trust (HT +0.8%).
Aug. 12, 2015, 9:54 AM
- Ashford Trust (AHT -6.3%) is leading the lodging REITs lower after a two-notch downgrade from Buy to Underperform from Bank of America. The team also throws in the towel on Hersha Hospitality Trust (HT -2.5%), cutting to Neutral from Buy.
- Previously: Ashford Trust: Our stock is undervalued (Aug. 6)
- Previously: Hersha lifts guidance as buybacks boost FFO per share (July 29)
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