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).
Fri, Mar. 6, 10:31 AM
- Equity REITs are facing some competition as the 10-year Treasury yield has popped all the way to 2.24% (up 11 bps on the session) following the strong jobs report which saw 295K jobs added in February and the unemployment rate dropping to 5.5%.
- Checking short-term interest rate futures, they're falling (meaning higher rates), but still not pricing in a rate hike until late summer.
- The iShares U.S. Real Estate ETF (IYR -2.3%).
- Realty Income (O -3.7%), National Retail Properties (NNN -3.9%), Agree Realty (ADC -3.1%), Omega Heathcare (OHI -4.5%), Health Care REIT (HCN -3.5%), Ventas(VTR -3.7%), HCP (HCP -3.6%), Medical Properties (MPW -4%), Healthcare Trust (HTA -4%), AvalonBay (AVB -2.7%), Essex Property (ESS -2.3%), Simon Property (SPG -2.3%), General Growth (GGP -2.2%), Kimco (KIM -2.9%), Inland Real Estate (IRC -2.9%), DDR (DDR -2.7%), Federal Realty Investment (FRT -2.6%), Public Storage (PSA -2%), Sovran Self Storage (SSS -2.7%), Boston Properties (BXP -2.8%), First Potomac (FPO -3.2%), Digital Realty Trust (DLR -1.9%), Hospitality Properties (HT -2.1%), Ashford (AHT -2.7%), STAG Industrial (STAG -3%), American Campus (ACC -2.9%).
- ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
- Previously: Dollar and Treasury yields spike after strong jobs print (March 6)
Thu, Feb. 19, 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)
Aug. 6, 2014, 12:24 PM
- Q2 adjusted FFO of $34.6M or $0.17 vs. $27.3M and $0.13 one year ago. Dividend is $0.06.
- On a comp basis (42 hotels), RevPAR of $165.15 is up 6.6% Y/Y, with an average daily rate (ADR) increase of 3.2% to $190.41, and occupancy growth of 274 bps to 86.7%.
- Top performing market is Boston with 14% comp RevPAR growth. The West Coast and South Florida portfolios were strong as well.
- The NYC portfolio (17 hotels in all 5 boroughs) reported comp (13 hotels) RevPAR growth of 6%.
- Guidance: Full-year RevPAR growth of 6.5-8% vs. 5-7% previously expected. Consolidated Hotel EBITDA margin growth of 100-150 bps vs. 25-75 bps previous. Company also initiates additional guidance, with AFFO per share expected at $0.46-$0.48.
- Previously: Hersha Hospitality beats by $0.01, misses on revenue
- HT +2.9%
Jan. 13, 2014, 5:40 PM
Sep. 24, 2013, 11:09 AM
- In the news lately for being a seller of hotels - prepping IPOs of Hilton and Extended Stay, and considering one for La Quinta - Blackstone (BX +2.1%) is also a buyer after agreeing to purchase 16 hotels from Hersha Hospitality Trust (HT +4%) for $217M. The deal will include Courtyard by Marriott, Residence Inn, and Hampton Inn hotels on Long Island, suburban Philadelphia, CT, and RI.
- Hersha will record a gain of about $30M on the sale.
- The transaction is expected to close in 2014 Q1.
- Press release.
May. 3, 2012, 9:00 AM
HT vs. ETF Alternatives
Hersha Hospitality Trust is a self-advised Maryland real estate investment trust. It invests in institutional hotels in urban markets including New York, Washington DC, and South Florida. Its portfolio consists of approximately 46 full service properties.
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