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).
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%).
Wed, Aug. 26, 4:29 PM
Thu, Aug. 20, 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%).
Fri, Aug. 7, 8:35 AM
Wed, Jul. 15, 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.
Tue, Jul. 14, 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.
Thu, May 28, 7:59 AM
Thu, May 21, 8:01 AM
Fri, May 8, 8:55 AM
- Q1 adjusted FFO of $37.7M or $0.19 per share vs. $29.5M and $0.15 one year ago.
- Pro forma ADR of $199.45 up 4.3%, occupancy of 75.6% up 250 bps, RevPAR of $150.78 up 7.9%.
- Full-year AFFO per share guidance is lowered by a penny at the top end to $1-$1.02. RevPAR growth of 6-7% is the same.
- Earnings call at 10 ET
- Previously: DiamondRock Hospitality beats by $0.02, beats on revenue (May 8)
- DRH flat premarket
Fri, May 8, 8:34 AM
Thu, May 7, 5:30 PM
Wed, Apr. 15, 11:29 AM
- The new mortgage on the Renaissance Worthington is for $85M at a fixed rate of 3.66%, and will amortize over 30 years after a two-year interest only period. The rate on the new loan is 170 basis points lower than the previous one.
- Proceeds were used to pay off the previous note, with money beyond that used to fund the prepayment of the mortgage on Frenchman's Reef & Morning Star Marriott Beach Resort, which may be fully prepaid next month.
- The refi and the repayment will ower DRH's weighted-average interest rate by about 15 bps to 4.7%.
- Source: Press Release
Wed, Mar. 25, 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).
Mon, Mar. 9, 10:07 AM
- The previously red-hot lodging REIT sector has struggled over the past few weeks on a combination of perky valuations and firming expectations for interest rate hikes.
- DiamondRock (DRH +0.8%) is lower by about 15% since late January, but still ahead a little more than 10% Y/Y. Baird upgrades to Outperform from Neutral, but Morgan Stanley downgrades to Equalweight from Overweight.
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