Wachovia Comments on Starwood Hotels (HOT) After Zell Stake
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Wachovia commented on Starwood Hotels (NYSE: HOT) speculation after an affiliate of Sam Zell disclosed a 7.7% stake in the company in a 13D filing after the close.
Analyst Jeffrey Donnelly said they do not believe Zell has any immediate plans, but maybe longer-term plans. Donnelly said, "Zell may likely feel recent pricing provides an attractive entry point given (1) valuations are nearer to trough levels than they are to historical averages, (2) investor sentiment is low and (3) credit markets will not stay closed forever. As such, it is plausible in our view that Zell may see little risk to an early equity stake in Starwood with upside potential that comes with an embedded call option to possibly realize fair value at a later date using more dramatic methods."
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