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Tue, Oct. 27, 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)
Tue, Oct. 20, 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.
Mon, Oct. 19, 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.
- Source: Press Release
Fri, Sep. 18, 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.
- Source: Press release
Tue, Sep. 15, 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).
Tue, Sep. 15, 8:01 AM
Fri, Sep. 11, 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%).
Wed, Aug. 12, 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)
Thu, Aug. 6, 4:28 PM
- Q2 adjusted FFO of $58.4M or $0.49 per share vs. $42.3M and $0.39 one year ago.
- RevPAR for hotels not under renovation up 7.9% for the quarter. Adjusted EBITDA up 24% to $24M.
- Company takes note of its stock price - trading at a trailing 12-month NOI cap rate of 8.4%, though similar assets to those in its portfolio trade privately at a 7% cap. A 7% cap rate applied to the company's common stock would imply a share price of $15.85 vs. today's close of $8.29.
- AHT is not planning any future spinoffs, will continue to target a net debt to gross asset ratio of 55-60%, and will continue to target cash at a level of 25-35% of total market cap. The company will also keep working with analysts to have them update their models to reflect the roughly $1B of acquisitions YTD. Ashford plans to sell a portfolio of 23 select-service hotels, with anticipated closing in Q4.
- Conference call tomorrow at 11 ET
- Previously: Ashford Hospitality Trust beats by $0.04, beats on revenue (Aug. 6)
Thu, Aug. 6, 4:11 PM
Thu, Aug. 6, 12:27 PM
- The 10-year Treasury yield is down five basis points to 2.22% today, but investors continue to bail out of their income favorites.
- The IYR is lower by 1.2%, slightly worse than the market averages.
- National Retail Properties (NNN -1.5%), Omega Healthcare (OHI -2.2%), Starwood Property (STWD -1.4%), Equity Residential (EQR -1.1%), Government Properties (GOV -2%), Hospitality Properties (HPT -3%), Ashford Hospitality (AHT -4.7%), Liberty Property (LPT -2.2%).
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Wed, Aug. 5, 5:35 PM
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Tue, Jul. 14, 7:50 AM
- Much of the beaten-up lodging REIT sector looks like a buy to Canaccord, which initiates RLJ Lodging (NYSE:RLJ), Summit Hotel (NYSE:INN), Hersha Hospitality (NYSE:HT), DiamondRock (NYSE:DRH), Strategic Hotels (NYSE:BEE), and Ashford Hospitality (NYSE:AHT) with Buy ratings.
- Rating only a Hold are Host Hotels (NYSE:HST), LaSalle Hotel (NYSE:LHO), Sunstone Hotel (NYSE:SHO), and Hospitality Properties (NYSE:HPT).
- Non-REIT lodging players, Starwood (NYSE:HOT) rates a Buy and Marriott (NASDAQ:MAR) a Hold.
Tue, Jul. 7, 8:53 AM
- The rebranding of the former Crowne Plaza Beverly Hills follows a $26M renovation off all guest rooms and public space, as well as exterior enhancements.
- The Beverly Hills Marriott will continue to be managed by Remington Lodging & Hospitality.
- AHT management expects the renovations, upgrades, and re-branding to meaningfully accelerate RevPAR, noting this is the only full-service Marriott hotel in this particular market and is thus able to capitalize on Marriott Rewards members.
- Source: Press Release
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