KeyBanc Downgrades Ashford Hospitality Trust (AHT) to Hold
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KeyBanc downgrades Ashford Hospitality Trust (NYSE: AHT) from Buy to Hold.
The firm downgraded AHT based upon three main reasons and said, "First, each lodging REIT that has already reported 2Q08 results has included lower guidance for the 3Q08 and FY08. Even though AHT does not provide guidance, we expect expectations to be coming down post AHT's 2Q08 announcement after the close today. Secondly, Felcor (NYSE: FCH) announced a reduction in its dividend after the close yesterday and this is likely to set off speculation about other possible dividend cuts in the REIT sector. AHT is the most leveraged company in our coverage (7.7x estimated 2008 EBITDA) and among the highest Dividend to CAD (cash available for distribution) ratio. Third, we are becoming less sanguine about the state of domestic travel and the length and depth of the current economic downturn."
KeyBanc will revisit their estimates and thesis after AHT reports Q208 results on Thursday.
Ashford Hospitality Trust, Inc., a real estate investment trust (REIT), invests in the hospitality industry primarily in the United States.
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