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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%)
Tue, Jan. 19, 10:16 AM
- Unimpressed 50%+ year-over-year (including nearly 20% just in 2016) declines in Pebblebrook Hotel (PEB -2.8%) and RLJ Lodging (RLJ -3.8%) presents investors with any compelling value, Ladenburg Thalman downgrades the two to Sell from Neutral.
- Update: Also part of the downgrade are Chesapeake Lodging Trust (CHSP -1.9%), Apple Hospitality (APLE -2.1%), and LaSalle Hotel (LHO -2.3%).
- LHO and CHSP have equally ugly price charts, though APLE is about flat since its 2015 IPO.
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%)
Wed, Jan. 13, 8:48 AM
- "The softening of operating fundamentals that the company discussed on its Q2 and Q3 earnings call has continued," says LaSalle Hotel (NYSE:LHO). The company expects Q4 will represent the fifth consecutive quarter of decelerating RevPAR for the U.S. hotel industry.
- This trend has clouded the outlook going forward, says LaSalle, and it thus does not intend to provide 2016 guidance.
- For Q4 2015, RevPAR is seen as coming in flat vs. previous expectation for 1-3% growth. Adjusted EBITDA should be $89M-$90M vs. $90.5M-$93M previously anticipated.
- Source: Press Release
Dec. 18, 2015, 12:11 PM
- That both LaSalle Hotel (LHO -3.3%) and RLJ Lodging (RLJ -5.2%) been pounded sharply this year isn't news, but Barclays' Felicia Hendrix - who downgraded both today - takes note of RLJ's significant exposure to Houston, and not just the oil crash but high supply growth. RLJ also has notable exposure to other high supply growth markets like NYC, Denver, and Austin.
- As for LaSalle Hotel, its gateway market and CBD-focused portfolio could be adversely impacted by the strong dollar, Airbnb, and supply growth.
- Heading into the new year, Barclays recommends rotating out of those two, and into Sunstone Hotel Investors (SHO -2.8%).
- Previously: More downgrades for lodging REITs (Dec. 18)
Dec. 18, 2015, 9:55 AM
- It's yet another downgrade for LaSalle Hotel Properties (LHO -1.9%), which Barclays cuts to Underweight from Equal Weight. The stock's now off nearly 40% year-to-date.
- RLJ Lodging Trust (RLJ -3%) also gets a downgrade to Underperform. It's down about 35% for the year.
- Previously: Stifel Nicolaus downgrades group of lodging names (Dec. 17)
- Previously: Citi throws in the towel on LaSalle Hotel, upgrades Aimco (Dec. 15)
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. 15, 2015, 10:22 AM
- A couple of sell-side moves in the REIT sector finds Citigroup giving up on LaSalle Hotel (LHO -0.2%) after a 36% decline YTD with a downgrade to Neutral from Buy; upgraded to Buy from Neutral is Apartment Investment and Management (AIV +1.2%). This stock is doing a little better - up 3.2% for 2015.
Dec. 15, 2015, 8:19 AM
Dec. 11, 2015, 9:53 AM
- Pebblebrook Hotel Trust (NYSE:PEB) and LaSalle Hotel Properties (NYSE:LHO) have been particularly hard hit this year amid the general REIT selloff, and the more specific bad run for hotel-REITs.
- Credit Suisse upgrades both to Outperform from Neutral. The $39 price target on PEB is 20% above last night's close, and the $31 price target on LHO is an upside of about 17%.
- Both stocks are lower by 0.9% in early action as the broader stock market sells off sharply.
Nov. 9, 2015, 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%.
Oct. 26, 2015, 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)
Oct. 23, 2015, 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.
Oct. 22, 2015, 4:16 PM
- LaSalle Hotel Properties (NYSE:LHO): Q3 FFO of $0.87 misses by $0.02.
- Revenue of $329.7M (+7.0% Y/Y) misses by $6M.
Oct. 21, 2015, 5:35 PM
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Oct. 13, 2015, 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).
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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