Venu Krishna's and team's list of stocks with attractive risk/reward under the new president excludes any names which have fallen 10% or more in the past month, or gained 30% or more in the past three months.
Bank of America Merrill Lynch is giving a boost to the hotel sector on an improved view of cyclical trends.
The investment firm pushes Hilton Worldwide (HLT +1.5%), Hyatt Hotels (H +1.1%), Extended Stay America (STAY +3.2%) to Buy from Neutral, while and La Quinta (LQ +3.6%) is bumped to Neutral from Underweight.
Analyst Shaun Kelley prefers playing the hotel sector with C-corps over REITs on its view tax reform and RevPar growth will drive upside.
Extended Stay America (NYSE:STAY) announces the pricing of the underwritten secondary offering of 12.5M paired shares (Extended Stay America share + a class B share of ESH Hospitality) at a gross proceeds level of ~$20.25M.
Extended Stay America (NYSE:STAY) says it expects its paired share offering to result in gross proceeds of approximately $189M. The offering on the behalf of selling shareholders is expected to close on November 18.
The Company will not receive any proceeds from the paired shares offering.
Extended Stay America (NYSE:STAY) announces an underwritten secondary offering of 12.75M paired shares of Extended Stay America and Class B ESH Hospitality shares by certain selling stockholders affiliated with Centerbridge Partners, Paulson & Co. and The Blackstone Group.
The company will not receive any proceeds from the offering.
Extended Stay and ESH Hospitality will buy back the shares from the underwriters in a separate private transaction.