UBS Starts Coverage on Lodging Group: MAR, HOT, HST at Buy, CHH at Neutral

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UBS initiated coverage on the Lodging group with a Positive outlook this morning. The firm sees RevPAR rising 3% this year.

• Marriott (NYSE: MAR) - new Buy rating and $42 price target. The firm believes that Marriott currently offers an attractive risk/reward profile as it provides investors with exposure to managed and franchised hotels. UBS notes that with shares trading at about 12x forward-EBITDA, valuation is just below the stock's historical average.
  
• Starwood Hotels (NYSE: HOT) - new Buy rating and $60 price target. UBS likes that international operations are driving Starwood's current growth and that management is focused on owning premium assets.
  
• Host Hotels (NYSE: HST) - new Buy rating and $18 price target. The firm feels that Host's ownership model provides the strongest level of operating leverage of all the major lodging operators.
  
• Choice Hotels (NYSE: CHH) - new Neutral rating and $36 price target.

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