Intrinsic value of Hospitality Properties Trust - HPT

Previous Close

$28.38

  Intrinsic Value

$4.76

stock screener

  Rating & Target

str. sell

-83%

Previous close

$28.38

 
Intrinsic value

$4.76

 
Up/down potential

-83%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as HPT.

We calculate the intrinsic value of HPT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.50
  3.80
  3.92
  4.03
  4.13
  4.21
  4.29
  4.36
  4.43
  4.48
  4.54
  4.58
  4.62
  4.66
  4.69
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
Revenue, $m
  2,047
  2,125
  2,208
  2,297
  2,392
  2,493
  2,599
  2,713
  2,833
  2,960
  3,094
  3,236
  3,386
  3,543
  3,710
  3,885
  4,070
  4,264
  4,469
  4,684
  4,911
  5,149
  5,400
  5,664
  5,941
  6,232
  6,538
  6,860
  7,198
  7,554
  7,927
Variable operating expenses, $m
 
  646
  671
  698
  727
  758
  790
  825
  861
  900
  941
  984
  1,029
  1,077
  1,128
  1,181
  1,237
  1,296
  1,359
  1,424
  1,493
  1,565
  1,642
  1,722
  1,806
  1,895
  1,988
  2,085
  2,188
  2,296
  2,410
Fixed operating expenses, $m
 
  1,092
  1,119
  1,147
  1,176
  1,205
  1,235
  1,266
  1,298
  1,330
  1,363
  1,397
  1,432
  1,468
  1,505
  1,542
  1,581
  1,621
  1,661
  1,703
  1,745
  1,789
  1,833
  1,879
  1,926
  1,974
  2,024
  2,074
  2,126
  2,179
  2,234
Total operating expenses, $m
  1,661
  1,738
  1,790
  1,845
  1,903
  1,963
  2,025
  2,091
  2,159
  2,230
  2,304
  2,381
  2,461
  2,545
  2,633
  2,723
  2,818
  2,917
  3,020
  3,127
  3,238
  3,354
  3,475
  3,601
  3,732
  3,869
  4,012
  4,159
  4,314
  4,475
  4,644
Operating income, $m
  387
  387
  418
  452
  489
  530
  574
  622
  674
  730
  790
  855
  924
  998
  1,077
  1,162
  1,252
  1,347
  1,449
  1,558
  1,673
  1,795
  1,925
  2,063
  2,208
  2,363
  2,527
  2,700
  2,884
  3,078
  3,283
EBITDA, $m
  744
  758
  803
  853
  907
  965
  1,028
  1,096
  1,169
  1,247
  1,330
  1,420
  1,515
  1,617
  1,725
  1,840
  1,962
  2,092
  2,229
  2,375
  2,530
  2,694
  2,868
  3,051
  3,245
  3,451
  3,668
  3,898
  4,140
  4,397
  4,667
Interest expense (income), $m
  146
  142
  148
  155
  162
  169
  177
  185
  194
  203
  213
  223
  234
  245
  258
  270
  284
  298
  313
  329
  346
  363
  381
  401
  421
  442
  465
  488
  513
  539
  567
Earnings before tax, $m
  227
  245
  270
  297
  328
  361
  398
  437
  480
  527
  578
  632
  690
  753
  820
  891
  968
  1,049
  1,136
  1,229
  1,327
  1,432
  1,544
  1,662
  1,787
  1,921
  2,062
  2,212
  2,371
  2,539
  2,717
Tax expense, $m
  4
  66
  73
  80
  88
  97
  107
  118
  130
  142
  156
  171
  186
  203
  221
  241
  261
  283
  307
  332
  358
  387
  417
  449
  483
  519
  557
  597
  640
  685
  734
Net income, $m
  223
  179
  197
  217
  239
  263
  290
  319
  351
  385
  422
  461
  504
  549
  598
  651
  706
  766
  829
  897
  969
  1,045
  1,127
  1,213
  1,305
  1,402
  1,505
  1,615
  1,731
  1,853
  1,983

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  11
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,634
  6,876
  7,146
  7,434
  7,740
  8,066
  8,413
  8,780
  9,168
  9,579
  10,014
  10,472
  10,957
  11,467
  12,006
  12,573
  13,171
  13,800
  14,462
  15,159
  15,893
  16,664
  17,475
  18,329
  19,226
  20,168
  21,159
  22,201
  23,296
  24,446
  25,654
Adjusted assets (=assets-cash), $m
  6,623
  6,876
  7,146
  7,434
  7,740
  8,066
  8,413
  8,780
  9,168
  9,579
  10,014
  10,472
  10,957
  11,467
  12,006
  12,573
  13,171
  13,800
  14,462
  15,159
  15,893
  16,664
  17,475
  18,329
  19,226
  20,168
  21,159
  22,201
  23,296
  24,446
  25,654
Revenue / Adjusted assets
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
Average production assets, $m
  6,183
  6,417
  6,668
  6,937
  7,223
  7,527
  7,850
  8,193
  8,556
  8,939
  9,345
  9,773
  10,225
  10,701
  11,203
  11,733
  12,291
  12,878
  13,496
  14,146
  14,831
  15,551
  16,308
  17,104
  17,941
  18,821
  19,746
  20,718
  21,739
  22,812
  23,940
Working capital, $m
  0
  -11
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -40
Total debt, $m
  3,164
  3,297
  3,439
  3,591
  3,754
  3,926
  4,109
  4,303
  4,509
  4,726
  4,956
  5,199
  5,455
  5,725
  6,010
  6,310
  6,626
  6,959
  7,310
  7,678
  8,066
  8,474
  8,904
  9,355
  9,829
  10,328
  10,852
  11,403
  11,982
  12,591
  13,230
Total liabilities, $m
  3,505
  3,638
  3,780
  3,932
  4,095
  4,267
  4,450
  4,644
  4,850
  5,067
  5,297
  5,540
  5,796
  6,066
  6,351
  6,651
  6,967
  7,300
  7,651
  8,019
  8,407
  8,815
  9,245
  9,696
  10,170
  10,669
  11,193
  11,744
  12,323
  12,932
  13,571
Total equity, $m
  3,129
  3,239
  3,366
  3,501
  3,646
  3,799
  3,962
  4,135
  4,318
  4,512
  4,716
  4,933
  5,161
  5,401
  5,655
  5,922
  6,203
  6,500
  6,812
  7,140
  7,485
  7,849
  8,231
  8,633
  9,055
  9,499
  9,966
  10,457
  10,972
  11,514
  12,083
Total liabilities and equity, $m
  6,634
  6,877
  7,146
  7,433
  7,741
  8,066
  8,412
  8,779
  9,168
  9,579
  10,013
  10,473
  10,957
  11,467
  12,006
  12,573
  13,170
  13,800
  14,463
  15,159
  15,892
  16,664
  17,476
  18,329
  19,225
  20,168
  21,159
  22,201
  23,295
  24,446
  25,654
Debt-to-equity ratio
  1.011
  1.020
  1.020
  1.030
  1.030
  1.030
  1.040
  1.040
  1.040
  1.050
  1.050
  1.050
  1.060
  1.060
  1.060
  1.070
  1.070
  1.070
  1.070
  1.080
  1.080
  1.080
  1.080
  1.080
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
Adjusted equity ratio
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  223
  179
  197
  217
  239
  263
  290
  319
  351
  385
  422
  461
  504
  549
  598
  651
  706
  766
  829
  897
  969
  1,045
  1,127
  1,213
  1,305
  1,402
  1,505
  1,615
  1,731
  1,853
  1,983
Depreciation, amort., depletion, $m
  357
  371
  385
  401
  418
  435
  454
  474
  495
  517
  540
  565
  591
  619
  648
  678
  710
  744
  780
  818
  857
  899
  943
  989
  1,037
  1,088
  1,141
  1,198
  1,257
  1,319
  1,384
Funds from operations, $m
  532
  550
  582
  618
  657
  699
  744
  793
  845
  902
  962
  1,026
  1,095
  1,168
  1,246
  1,329
  1,417
  1,510
  1,609
  1,715
  1,826
  1,944
  2,069
  2,202
  2,342
  2,490
  2,647
  2,812
  2,987
  3,172
  3,367
Change in working capital, $m
  -1
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  533
  550
  583
  618
  657
  699
  744
  793
  846
  902
  962
  1,027
  1,096
  1,169
  1,247
  1,330
  1,418
  1,511
  1,610
  1,716
  1,827
  1,946
  2,071
  2,203
  2,343
  2,491
  2,648
  2,814
  2,989
  3,174
  3,369
Maintenance CAPEX, $m
  0
  -357
  -371
  -385
  -401
  -418
  -435
  -454
  -474
  -495
  -517
  -540
  -565
  -591
  -619
  -648
  -678
  -710
  -744
  -780
  -818
  -857
  -899
  -943
  -989
  -1,037
  -1,088
  -1,141
  -1,198
  -1,257
  -1,319
New CAPEX, $m
  -454
  -234
  -252
  -269
  -286
  -304
  -323
  -342
  -363
  -384
  -405
  -428
  -452
  -477
  -502
  -529
  -558
  -587
  -618
  -650
  -684
  -720
  -757
  -796
  -837
  -880
  -925
  -972
  -1,021
  -1,073
  -1,128
Cash from investing activities, $m
  -454
  -591
  -623
  -654
  -687
  -722
  -758
  -796
  -837
  -879
  -922
  -968
  -1,017
  -1,068
  -1,121
  -1,177
  -1,236
  -1,297
  -1,362
  -1,430
  -1,502
  -1,577
  -1,656
  -1,739
  -1,826
  -1,917
  -2,013
  -2,113
  -2,219
  -2,330
  -2,447
Free cash flow, $m
  79
  -42
  -40
  -36
  -30
  -23
  -14
  -3
  10
  24
  40
  59
  79
  101
  126
  153
  182
  214
  248
  285
  325
  368
  415
  464
  518
  575
  635
  700
  770
  844
  923
Issuance/(repayment) of debt, $m
  -111
  133
  143
  152
  162
  172
  183
  194
  206
  217
  230
  243
  256
  270
  285
  300
  316
  333
  350
  369
  388
  408
  429
  451
  474
  499
  524
  551
  579
  608
  639
Issuance/(repurchase) of shares, $m
  371
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  254
  133
  143
  152
  162
  172
  183
  194
  206
  217
  230
  243
  256
  270
  285
  300
  316
  333
  350
  369
  388
  408
  429
  451
  474
  499
  524
  551
  579
  608
  639
Total cash flow (excl. dividends), $m
  332
  91
  103
  116
  132
  150
  169
  191
  215
  242
  270
  301
  335
  371
  411
  453
  498
  546
  598
  654
  713
  776
  844
  916
  992
  1,073
  1,160
  1,251
  1,349
  1,452
  1,562
Retained Cash Flow (-), $m
  -317
  -121
  -127
  -136
  -144
  -154
  -163
  -173
  -183
  -194
  -205
  -216
  -228
  -241
  -254
  -267
  -281
  -296
  -312
  -328
  -345
  -363
  -382
  -402
  -422
  -444
  -467
  -491
  -516
  -542
  -569
Prev. year cash balance distribution, $m
 
  11
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -19
  -24
  -19
  -12
  -4
  6
  18
  32
  48
  66
  85
  107
  131
  157
  185
  216
  250
  286
  326
  368
  413
  462
  514
  570
  629
  693
  761
  833
  911
  993
Discount rate, %
 
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
 
  -17
  -20
  -15
  -9
  -2
  4
  9
  13
  17
  20
  21
  22
  21
  20
  19
  17
  15
  12
  10
  8
  6
  5
  3
  2
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Hospitality Properties Trust is a real estate investment trust. The Company's segments include hotel investments, travel center investments and corporate. As of December 31, 2016, the Company owned 306 hotels with 46,583 rooms or suites, and 198 travel centers. As of December 31, 2016, the Company's properties were located in 45 states in the United States, Canada and Puerto Rico. As of December 31, 2016, the Company's hotels were operated as Courtyard by Marriott, Royal Sonesta, Sonesta Hotels & Resorts, Candlewood Suites, Residence Inn by Marriott, Sonesta ES Suites, Crowne Plaza Hotels & Resorts, Staybridge Suites, Hyatt Place, Wyndham Grand, Wyndham Hotels & Resorts, InterContinental Hotels & Resorts, Marriott Hotels and Resorts, the Clift Hotel, Radisson Hotels & Resorts, Kimpton Hotels & Restaurants, TownePlace Suites by Marriott, Hawthorn Suites, Country Inns & Suites by Carlson, Holiday Inn Hotels & Resorts, SpringHill Suites by Marriott, and Park Plaza Hotels & Resorts.

FINANCIAL RATIOS  of  Hospitality Properties Trust (HPT)

Valuation Ratios
P/E Ratio 20.9
Price to Sales 2.3
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 8.7
Price to Free Cash Flow 59
Growth Rates
Sales Growth Rate 6.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -28.8%
Cap. Spend. - 3 Yr. Gr. Rate -4.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 101.1%
Total Debt to Equity 101.1%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.6%
Ret/ On Assets - 3 Yr. Avg. 5.4%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.3%
Return On Equity 7.5%
Return On Equity - 3 Yr. Avg. 6.6%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 41.3%
Gross Margin - 3 Yr. Avg. 40.7%
EBITDA Margin 35.7%
EBITDA Margin - 3 Yr. Avg. 35.5%
Operating Margin 18.9%
Oper. Margin - 3 Yr. Avg. 18%
Pre-Tax Margin 11.1%
Pre-Tax Margin - 3 Yr. Avg. 10.4%
Net Profit Margin 10.9%
Net Profit Margin - 3 Yr. Avg. 10.3%
Effective Tax Rate 1.8%
Eff/ Tax Rate - 3 Yr. Avg. 1.3%
Payout Ratio 150.2%

HPT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HPT stock intrinsic value calculation we used $2047 million for the last fiscal year's total revenue generated by Hospitality Properties Trust. The default revenue input number comes from 2016 income statement of Hospitality Properties Trust. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our HPT stock valuation model: a) initial revenue growth rate of 3.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.3%, whose default value for HPT is calculated based on our internal credit rating of Hospitality Properties Trust, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Hospitality Properties Trust.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of HPT stock the variable cost ratio is equal to 30.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1065 million in the base year in the intrinsic value calculation for HPT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.5% for Hospitality Properties Trust.

Corporate tax rate of 27% is the nominal tax rate for Hospitality Properties Trust. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the HPT stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for HPT are equal to 302%.

Life of production assets of 17.3 years is the average useful life of capital assets used in Hospitality Properties Trust operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for HPT is equal to -0.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3129 million for Hospitality Properties Trust - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 164.2 million for Hospitality Properties Trust is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Hospitality Properties Trust at the current share price and the inputted number of shares is $4.7 billion.

RELATED COMPANIES Price Int.Val. Rating
RMR RMR Group Cl A 52.10 85.63  str.buy
MAR Marriott Inter 115.02 597.63  str.buy
WYN Wyndham Worldw 109.00 90.28  hold
H Hyatt Hotels 61.85 17.87  str.sell
TA TravelCenters 4.80 18.87  str.buy
RLJ RLJ Lodging Tr 21.98 4.77  str.sell
HT Hersha Hospita 18.67 4.99  str.sell

COMPANY NEWS

▶ REITs Will Be All Right Despite Rising Rates   [Mar-09-17 03:03PM  TheStreet.com]
▶ Hospitality Properties Trust Declares Preferred Dividend   [Dec-01-16 04:05PM  Business Wire]
▶ The Top 3 Hotel REIT ETFs of 2016 (HPT, INN)   [Sep-02-16 03:00PM  at Investopedia]
▶ Hospitality Properties Trust Declares Preferred Dividend   [Sep-01-16 04:05PM  Business Wire]
▶ 4 Brexit Bargains With Big Dividends   [Jul-01-16 11:37AM  at Forbes]
▶ Hospitality Properties Trust Declares Preferred Dividend   [Jun-01-16 04:01PM  Business Wire]
Financial statements of HPT
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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