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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%)
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)
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.
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. 14, 2015, 5:39 PM
Jul. 23, 2015, 9:56 AM
Mar. 25, 2015, 9:48 AM
- Downgraded to Reduce from Neutral are DiamondRock Hospitality (DRH -1.3%), FelCor Lodging (FCH -1.8%), Hersha Hospitality Trust (HT -2.5%), Host Hotels and Resorts (HST -0.9%), and LaSalle Hotel (LHO -1.5%).
- Cut to Neutral from Buy is Starwood Hotels (HOT -0.9%).
- For what it's worth, Starwood - the only one of the group rated a Buy before today - has about the worst performance of the bunch over the last year, ahead about 6% (Hersha is up just 5%, and the rest are up by far more).
Feb. 24, 2015, 3:32 PM
- The 10-year Treasury yield has tumbled back beneath 2% amid Janet Yellen's congressional testimony and some weak economic data, but there's no bid for income favorites like equity REITs.
- The iShares DJ U.S. Real Estate ETF (IYR -1.9%).
- Realty Income (O -2.9%), National Retail Properties (NNN -2.7%), Senior Housing Properties (SNH -2.2%), Ventas (VTR -3.8%), HCP (HCP -3.6%), Equity Commonwealth (EQC -2.3%), Vornado (VNO -1.9%), Equity Residential (EQR -2.5%), AvalonBay (AVB -2.7%), Simon Property (SPG -1.8%), General Growth (GGP -2.1%), Kimco (KIM -3%), Sovran Self Storage (SSS -2%), Boston Properties (BXP -2%), Hospitality Properties (HPT -2.7%), LaSalle Hotel (LHO -2.8%), Liberty Property Trust (LPT -2.7%), American Campus Communities (ACC -1.7%).
- ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI
Feb. 19, 2015, 11:25 AM
- Maybe priced for perfection after big runs over the past couple of years, hotel REITs are pulling back after an earnings miss from Lasalle Hotel Properties (LHO -4.3%) and middling guidance from Host Hotels and Resorts (HST -5.4%).
- Hospitality Properties (HPT -1.5%), Ashford Hospitality (AHT -1.2%), Strategic Hotels (BEE -0.9%), Pebblebrook Hotel Trust (PEB -1.7%), Summit Hotel (INN -2.2%), RLJ Lodging (RLJ -2.3%), Chatham Lodging (CLDT -1.1%).
- Bucking the trend is Hersha Hospitality Trust (HT +1.1%) after beating Q4 consensus.
- Previously: Credit Suisse takes profits on Pebblebrook Hotel (Feb. 18)
Jan. 6, 2015, 2:30 PM
- Equity REIT names are higher nearly across the board as the 10-year Treasury yield tumbles below 2%, but the hotel REITs aren't joining in the fun, suggesting maybe plunging oil prices (now at $47.76 per barrel) are foreshadowing a weak economy?
- Ashford Hospitality (AHT -1.9%), Strategic Hotels (BEE -1.3%), LaSalle Hotel (LHO -0.9%), Chesapeake Lodging (CHSP -1.7%), Summit Hotel (INN -1.2%).
- Previously: Equity REITs add to gains as long-term yields dive (Jan. 6)
Dec. 9, 2014, 9:27 AM
Dec. 8, 2014, 9:36 AM
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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