Collins Stewart Initiates Research Coverage on U.S. lodging REITs
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Collins Stewart comments on U.S. Lodging REITs...Long-term bullish. Near-term nervous. Early cycle play.
Collins analyst says, "We are launching research coverage on U.S. lodging REITs with a contrarian bullish call on the sector. We believe the beginning of the "New Lodging Cycle" is fast-approaching (in 2010) and investors with a positive view of the economic recovery should be positioning their portfolios for the next multi-year cyclical upturn in lodging equities. As such, we are initiating research coverage on Diamondrock Hospitality (NYSE: DRH), Hospitality Properties Trust (NYSE: HPT), Host Hotels & Resorts (NYSE: HST) and Sunstone Hotel Investors (NYSE: SHO) at BUY and Ashford Hospitality Trust (NYSE: AHT) at HOLD.
"Consistent with prior lodging cycles that have ended with a bang and struggled to build a base before the next up-cycle, we expect significant headline noise over the next 12-18 months. With near-term room demand uncertainty and too much new room supply in 2009 (dissipating in 2010-11) investors should be prepared for above-average share price volatility."
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