Mon, Nov. 9, 4:14 PM
- The new unsecured loan for $555M matures in January 2021. Proceeds were used to pay off a previous $177.5M term loan and the majority of the balance on LHO's $750M unsecured credit facility ($26M remains outstanding now).
- Using swaps, the new term loan will average an all-in fixed rate of 2.95%.
- Source: Press release
Mon, Oct. 26, 9:56 AM
- Clearly on the sell-side's mind during LaSalle Hotel's (LHO -1.9%) earnings call on Friday (transcript) was why management failed to disclose it was forced to shut down large chunks of two NYC hotels for parts of Q3 and Q4.
- "Penalty box" indeed. Joining Credit Suisse (which did so Friday) in downgrading are Raymond James, Evercore ISI, and Morgan Stanley.
- Earlier today: Evercore ISI buys the dip in Pebblebrook Hotel (Oct. 26)
- Friday: Pebblebrook Hotel and LaSalle Hotel lead tough session for lodging REITs (Oct. 23)
Fri, Oct. 23, 10:04 AM
- Q3 adjusted FFO of $98.8M or $0.87 per share vs. $88.3M and $0.85 one year ago.
- RevPAR of $210.74 down from $216 a year ago. EBITDA margin down 9 basis points to 36.3%. Adjusted EBITDA up 5.2% to $114.6M.
- At issue during the quarter were alleged health and safety violations at two NYC hotels by the hotel workers union (retaliation for a management company change in SF, says LaSalle). Despite no adverse past history, the company was forced to test against all claims, forcing the closure of many rooms during the final six weeks of Q3 and first three weeks of Q4. The result was both hotels running at just 14.5% occupancy in September. The conflict has been resolved and both hotels are back to normal.
- Suffice it to say, the above numbers would have looked far better without the closures. Adjusted FFO, for one, would have been $0.91 per share vs. consensus of $0.89.
- Q4 adjusted FFO per share is expected at $0.69-$0.73, including a $0.02 impact from the closures.
- The earnings call starts in one hour.
- Previously: LaSalle Hotel Properties misses by $0.02, misses on revenue (Oct. 22)
- Credit Suisse downgrades to Neutral with price target cut to $31 from $37.
- LHO -7.4% to $29.25.
Thu, Oct. 22, 4:16 PM
Wed, Oct. 21, 5:35 PM
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Tue, Oct. 13, 1:41 PM
- Screening its U.S. coverage universe to find companies where its analysts views diverge widely from that of the consensus, and then narrowing further to those names with high conviction, Credit Suisse puts out a list of eight buys and 6 sells.
- The full report with thesis on each name is here.
- The buy list: Box (NYSE:BOX), Boyd Gaming (NYSE:BYD), CF Industries (NYSE:CF), Ingredion (NYSE:INGR), L-3 Communications (NYSE:LLL), LaSalle Hotel Properties (NYSE:LHO), Nationstar Mortgage (NYSE:NSM), SeaWorld Entertainment (NYSE:SEAS), Sysco (NYSE:SYY), Wal-Mart (NYSE:WMT), Weatherford (NYSE:WFT), and WisdomTree (NASDAQ:WETF).
- The sells: Aon (NYSE:AON), Dollar Tree (NASDAQ:DLTR), Hyatt Hotels (NYSE:H), Macerich (NYSE:MAC), Pulte (NYSE:PHM), Realogy (NYSE:RLGY).
Mon, Oct. 5, 9:31 AM| Mon, Oct. 5, 9:31 AM | Comment!
Fri, Sep. 18, 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%).
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, 9:02 AM
Mon, Sep. 14, 5:39 PM
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%).
Thu, Jul. 23, 9:56 AM
Wed, Jul. 22, 4:38 PM
- Adjusted FFO of $102.6M or $0.91 per share vs. $86M and $0.82 one year ago.
- RevPAR of $219.76 up 4.1% Y/Y. EBITDA margin of 38.5% vs. 36.1%.
- Full-year outlook: RevPAR growth of 3.5-4.5%. EBITDA margin change of 175-225 bps. Adjusted EBITDA of $398M-$408M. Adjusted FFO per share of $2.87-$2.94. The midpoint of the EBITDA outlook is $5M higher than previously.
- Earnings call tomorrow at 10 ET
- Previously: LaSalle Hotel Properties beats by $0.01, misses on revenue (July 22)
- LHO +0.2% after hours
Wed, Jul. 22, 4:10 PM
Tue, Jul. 21, 5:35 PM| Tue, Jul. 21, 5:35 PM | 5 Comments
LaSalle Hotel Properties is a real estate investment trust. The Company's business includes buying, owing, redeveloping & leasing mainly upscale & luxury full-service hotels located in convention, resort & urban business markets.
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