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Mon, Jan. 25, 3:16 PM
- Modest declines in the major averages are masking the continued liquidation in a number of financial sectors.
- Hotel REITs: Pebblebrook Hotel (PEB -2.4%), LaSalle Hotel (LHO -2.2%), FelCor Lodging (FCH -2.9%), DiamondRock Hospitality (DRH -3.3%)
- Nonbank servicing: Ocwen Financial (OCN -6.9%), Walter Investment (WAC -10.5%), Nationstar Mortgage (NSM -6.7%), Altisource Portfolio (ASPS -4.6%), New Residential (NRZ -3.2%)
- Mortgage REITs: Two Harbors (TWO -3.8%), Invesco (IVR -4.3%), American Capital Mortgage (MTGE -3.4%), Western Asset (WMC -3.7%), Apollo Residential (AMTG -3.8%), AG Mortgage (MITT -3.9%)
- BDCs: Prospect Capital (PSEC -4%), Apollo Investment (AINV -2.2%), Medley Capital (MCC -4.1%), Gladstone Capital (GLAD -4.4%). A few in this sector are managing gains though: Main Street (MAIN +1%), TICC Capital (TICC +1.9%), Harris & Harris (TINY +1.8%)
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%)
Tue, Jan. 12, 11:13 AM
- The company prepaid the $201.7M mortgage secured by the Chicago Marriott Downtown Magnificent Mile. The move was funded with proceeds from a 4.36%, 10-year loan on the Boston Westin Waterfront Hotel taken out late last year (and a draw on the company $60M credit facility).
- The old mortgage was set to mature in April, and its prepayment saves DRH $2.7M in net interest expense.
- At this point, 18 of the company's 29 hotels are unencumbered by property-specific mortgage debt, and there's just one remaining maturity to take care of this year.
- Source: Press Release
Mon, Jan. 11, 10:07 AM
- It's been a brutal run for the lodging REITs, and JMP Securities has seen enough, downgrading DiamondRock Hospitality (DRH +0.7%), Host Hotels (HST +0.3%), and Ashford Trust and Ashford Prime (earlier) to Market Perform from Outperform.
- The group is down about 40% on a year-over-year basis, including 14% declines for the Ashford names just in 2016, and 5% drops for the other two.
Dec. 17, 2015, 9:59 AM
- With the sector is sporting an ugly looking group of price charts, Stifel is throwing in the towel on some bullish calls, downgrading DiamondRock Hospitality (DRH -0.7%), Hersha Hospitality (HT -2.2%), and LaSalle Hotel (LHO -0.7%) to Hold from Buy.
- Cut to Underperform from Hold is Hyatt Hotels (H +0.4%).
- Hyatt is doing the best of the group this year, down just 20%. HT is off 24%, DRH 33%, and LHO 37%.
Dec. 7, 2015, 4:31 PM
Nov. 5, 2015, 5:00 PM
- DiamondRock Hospitality (NYSE:DRH): Q3 FFO of $0.26 misses by $0.01.
- Revenue of $238.5M (+4.0% Y/Y) misses by $2.32M.
Oct. 23, 2015, 11:46 AM
- Pebblebrook Hotel (after warning last month of a soft Q3), cut its outlook for Q4, noting a softening global economy and weaker job growth in the U.S. It's down 8%.
- LaSalle Hotel is in the "penalty box" after waiting until its earnings report to disclose the near-total shutdown of two NYC hotels in response to union issues in San Francisco. That stock is down 8.3%.
- Hospitality Properties (HPT -3.8%), Sunstone Hotels (SHO -3.2%), Chesapeake Lodging (CHSP -3.4%), Summit Hotels (INN -2.8%), RLJ Lodging (RLJ -1.9%), Chatham Lodging (CLDT -2.3%), FelCor Lodging (FCH -6%), Host Hotels (HST -5.5%), Hersha (HT -4.3%), DiamondRock (DRH -3.2%).
- Previously: LaSalle Hotel tumbles as room closures hit results (Oct. 23)
- Previously: Pebblebrook Hotel sinks after cutting Q4 outlook (Oct. 23)
Sep. 18, 2015, 11:08 AM
- The broad market is lower, but the REIT sector (IYR +0.5%) is tacking on to yesterday's post-FOMC gains.
- The lodging names, however, remain under pressure, with Pebblebrook Hotel Trust's (PEB -5%) Monday warning of weak business in August and September apparently still driving the action.
- Hospitality Properties (HPT -1.3%), Sunstone Hotel (SHO -3.9%), LaSalle Hotel (LHO -4%), Chesapeake Lodging (CHSP -2.9%), RLJ Lodging (RLJ -4.7%), FelCor Lodging (FCH -5.5%), Host Hotels (HST -3%), Hersha Hospitality (HT -2.7%), DiamondRock (DRH -3.9%), Apple Hospitality (APLE -2.5%).
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. 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. 26, 2015, 4:29 PM
- DiamondRock Hospitality (NYSE:DRH) declares $0.125/share quarterly dividend, in line with previous.
- Forward yield 4.25%
- Payable Oct. 13; for shareholders of record Sept. 30; ex-div Sept. 28.
Aug. 20, 2015, 9:42 AM
- Upgraded to Outperform from Neutral are AvalonBay (AVB -0.4%), DiamondRock Hospitality (DRH -0.6%), Federal Realty Investment (FRT -0.3%), and General Growth (GGP -0.6%).
- Upgraded to Neutral from Underperform are Vornado (VNO -0.8%), Regency Centers (REG -0.4%), and Corporate Office Properties (OFC -0.3%).
- Downgraded to Neutral from Outperform are Camden Property Trust (CPT -1.5%), and Eastgroup Properties (EGP -1.2%).
- Cut to Underperform from Neutral is UDR (UDR -1.2%).
Aug. 7, 2015, 8:35 AM
- DiamondRock Hospitality (NYSE:DRH): Q2 EPS of $0.31 beats by $0.01.
- Revenue of $249.8M (+8.6% Y/Y) misses by $1.76M.
Jul. 15, 2015, 9:21 AM
- DiamondRock Hospitality (NYSE:DRH) purchased the 184-suite Sheraton Suites Key West for $94M, or $511K per room. The price is 12.8x expected 2015 EBITDA, and a 7.1% cap rate on forecasted 2015 NOI. The company plans to reposition and re-launch the hotel as an independent lifestyle resort.
- Profit margins are expected to improve by about 500 basis points, and another $9.5M-$10M of adjusted EBITDA is anticipated. DRH notes current profit margins are nearly 1K basis points lower than its other independent hotel in Key West.
Jul. 14, 2015, 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.
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