Intrinsic value of RLJ Lodging Trust - RLJ

Previous Close

$21.42

  Intrinsic Value

$4.77

stock screener

  Rating & Target

str. sell

-78%

Previous close

$21.42

 
Intrinsic value

$4.77

 
Up/down potential

-78%

 
Rating

str. sell

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

We calculate the intrinsic value of RLJ 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 3.8

 

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, %
  2.11
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,160
  1,183
  1,210
  1,242
  1,276
  1,315
  1,358
  1,404
  1,454
  1,508
  1,566
  1,628
  1,694
  1,764
  1,839
  1,918
  2,002
  2,091
  2,185
  2,285
  2,390
  2,500
  2,617
  2,740
  2,870
  3,007
  3,150
  3,302
  3,461
  3,629
  3,805
Variable operating expenses, $m
 
  395
  404
  415
  426
  439
  453
  469
  486
  504
  523
  544
  566
  589
  614
  641
  669
  698
  730
  763
  798
  835
  874
  915
  959
  1,004
  1,052
  1,103
  1,156
  1,212
  1,271
Fixed operating expenses, $m
 
  581
  596
  611
  626
  642
  658
  674
  691
  708
  726
  744
  763
  782
  801
  821
  842
  863
  884
  906
  929
  952
  976
  1,001
  1,026
  1,051
  1,077
  1,104
  1,132
  1,160
  1,189
Total operating expenses, $m
  940
  976
  1,000
  1,026
  1,052
  1,081
  1,111
  1,143
  1,177
  1,212
  1,249
  1,288
  1,329
  1,371
  1,415
  1,462
  1,511
  1,561
  1,614
  1,669
  1,727
  1,787
  1,850
  1,916
  1,985
  2,055
  2,129
  2,207
  2,288
  2,372
  2,460
Operating income, $m
  220
  207
  210
  216
  224
  234
  247
  261
  277
  296
  317
  340
  365
  393
  423
  456
  492
  530
  571
  615
  662
  713
  767
  824
  886
  951
  1,021
  1,095
  1,173
  1,256
  1,345
EBITDA, $m
  383
  373
  381
  391
  404
  419
  437
  458
  482
  508
  537
  569
  604
  641
  682
  726
  773
  824
  878
  936
  998
  1,064
  1,135
  1,210
  1,289
  1,374
  1,464
  1,559
  1,660
  1,767
  1,880
Interest expense (income), $m
  56
  55
  57
  58
  60
  62
  64
  66
  69
  71
  74
  78
  81
  84
  88
  92
  97
  101
  106
  111
  117
  122
  128
  135
  141
  148
  156
  164
  172
  181
  190
Earnings before tax, $m
  164
  151
  154
  158
  164
  173
  183
  195
  209
  225
  243
  262
  285
  309
  335
  364
  395
  429
  465
  504
  546
  591
  639
  690
  744
  803
  865
  931
  1,001
  1,076
  1,155
Tax expense, $m
  9
  41
  42
  43
  44
  47
  49
  53
  56
  61
  65
  71
  77
  83
  90
  98
  107
  116
  126
  136
  147
  159
  172
  186
  201
  217
  234
  251
  270
  290
  312
Net income, $m
  200
  111
  112
  115
  120
  126
  133
  142
  152
  164
  177
  192
  208
  225
  245
  266
  288
  313
  339
  368
  398
  431
  466
  504
  543
  586
  631
  680
  731
  785
  843

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  457
  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
  4,023
  3,641
  3,724
  3,820
  3,928
  4,047
  4,177
  4,320
  4,473
  4,639
  4,817
  5,008
  5,211
  5,428
  5,658
  5,902
  6,160
  6,434
  6,724
  7,029
  7,352
  7,693
  8,053
  8,431
  8,831
  9,251
  9,694
  10,160
  10,650
  11,166
  11,708
Adjusted assets (=assets-cash), $m
  3,566
  3,641
  3,724
  3,820
  3,928
  4,047
  4,177
  4,320
  4,473
  4,639
  4,817
  5,008
  5,211
  5,428
  5,658
  5,902
  6,160
  6,434
  6,724
  7,029
  7,352
  7,693
  8,053
  8,431
  8,831
  9,251
  9,694
  10,160
  10,650
  11,166
  11,708
Revenue / Adjusted assets
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
Average production assets, $m
  3,523
  3,593
  3,676
  3,770
  3,877
  3,994
  4,123
  4,263
  4,415
  4,579
  4,755
  4,943
  5,144
  5,357
  5,584
  5,825
  6,080
  6,351
  6,636
  6,938
  7,257
  7,593
  7,948
  8,322
  8,716
  9,131
  9,568
  10,028
  10,512
  11,021
  11,556
Working capital, $m
  0
  -466
  -477
  -489
  -503
  -518
  -535
  -553
  -573
  -594
  -617
  -641
  -667
  -695
  -724
  -756
  -789
  -824
  -861
  -900
  -941
  -985
  -1,031
  -1,080
  -1,131
  -1,185
  -1,241
  -1,301
  -1,364
  -1,430
  -1,499
Total debt, $m
  1,583
  1,621
  1,663
  1,711
  1,765
  1,826
  1,892
  1,963
  2,041
  2,125
  2,215
  2,311
  2,414
  2,523
  2,639
  2,762
  2,893
  3,031
  3,177
  3,332
  3,495
  3,667
  3,849
  4,040
  4,241
  4,454
  4,677
  4,913
  5,160
  5,421
  5,695
Total liabilities, $m
  1,801
  1,839
  1,881
  1,929
  1,983
  2,044
  2,110
  2,181
  2,259
  2,343
  2,433
  2,529
  2,632
  2,741
  2,857
  2,980
  3,111
  3,249
  3,395
  3,550
  3,713
  3,885
  4,067
  4,258
  4,459
  4,672
  4,895
  5,131
  5,378
  5,639
  5,913
Total equity, $m
  2,222
  1,802
  1,844
  1,891
  1,944
  2,003
  2,068
  2,138
  2,214
  2,297
  2,385
  2,479
  2,580
  2,687
  2,801
  2,921
  3,049
  3,185
  3,328
  3,480
  3,639
  3,808
  3,986
  4,174
  4,371
  4,579
  4,798
  5,029
  5,272
  5,527
  5,795
Total liabilities and equity, $m
  4,023
  3,641
  3,725
  3,820
  3,927
  4,047
  4,178
  4,319
  4,473
  4,640
  4,818
  5,008
  5,212
  5,428
  5,658
  5,901
  6,160
  6,434
  6,723
  7,030
  7,352
  7,693
  8,053
  8,432
  8,830
  9,251
  9,693
  10,160
  10,650
  11,166
  11,708
Debt-to-equity ratio
  0.712
  0.900
  0.900
  0.900
  0.910
  0.910
  0.910
  0.920
  0.920
  0.930
  0.930
  0.930
  0.940
  0.940
  0.940
  0.950
  0.950
  0.950
  0.950
  0.960
  0.960
  0.960
  0.970
  0.970
  0.970
  0.970
  0.970
  0.980
  0.980
  0.980
  0.980
Adjusted equity ratio
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  200
  111
  112
  115
  120
  126
  133
  142
  152
  164
  177
  192
  208
  225
  245
  266
  288
  313
  339
  368
  398
  431
  466
  504
  543
  586
  631
  680
  731
  785
  843
Depreciation, amort., depletion, $m
  163
  166
  170
  175
  179
  185
  191
  197
  204
  212
  220
  229
  238
  248
  259
  270
  281
  294
  307
  321
  336
  352
  368
  385
  404
  423
  443
  464
  487
  510
  535
Funds from operations, $m
  327
  277
  282
  290
  299
  311
  324
  340
  357
  376
  397
  420
  446
  473
  503
  535
  570
  607
  647
  689
  734
  783
  834
  889
  947
  1,009
  1,074
  1,144
  1,218
  1,296
  1,378
Change in working capital, $m
  -4
  -9
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -69
Cash from operations, $m
  331
  286
  293
  302
  313
  326
  341
  358
  377
  397
  420
  445
  472
  501
  533
  567
  603
  642
  684
  728
  776
  826
  880
  937
  998
  1,063
  1,131
  1,203
  1,280
  1,362
  1,448
Maintenance CAPEX, $m
  0
  -163
  -166
  -170
  -175
  -179
  -185
  -191
  -197
  -204
  -212
  -220
  -229
  -238
  -248
  -259
  -270
  -281
  -294
  -307
  -321
  -336
  -352
  -368
  -385
  -404
  -423
  -443
  -464
  -487
  -510
New CAPEX, $m
  -84
  -71
  -83
  -94
  -106
  -118
  -129
  -140
  -152
  -164
  -176
  -188
  -201
  -214
  -227
  -241
  -255
  -270
  -286
  -302
  -319
  -336
  -355
  -374
  -394
  -415
  -437
  -460
  -484
  -509
  -535
Cash from investing activities, $m
  173
  -234
  -249
  -264
  -281
  -297
  -314
  -331
  -349
  -368
  -388
  -408
  -430
  -452
  -475
  -500
  -525
  -551
  -580
  -609
  -640
  -672
  -707
  -742
  -779
  -819
  -860
  -903
  -948
  -996
  -1,045
Free cash flow, $m
  504
  52
  44
  38
  33
  29
  27
  26
  27
  29
  32
  37
  42
  49
  58
  67
  78
  90
  104
  119
  136
  154
  174
  195
  219
  244
  271
  301
  332
  366
  402
Issuance/(repayment) of debt, $m
  7
  38
  42
  48
  54
  60
  66
  72
  78
  84
  90
  96
  103
  109
  116
  123
  131
  138
  146
  154
  163
  172
  182
  191
  202
  212
  224
  235
  248
  260
  274
Issuance/(repurchase) of shares, $m
  -19
  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  
  -17
  38
  42
  48
  54
  60
  66
  72
  78
  84
  90
  96
  103
  109
  116
  123
  131
  138
  146
  154
  163
  172
  182
  191
  202
  212
  224
  235
  248
  260
  274
Total cash flow (excl. dividends), $m
  487
  90
  86
  86
  87
  89
  93
  98
  105
  113
  122
  133
  145
  159
  174
  190
  209
  229
  250
  274
  299
  326
  355
  387
  420
  456
  495
  536
  580
  626
  676
Retained Cash Flow (-), $m
  -39
  -37
  -41
  -47
  -53
  -59
  -65
  -70
  -76
  -82
  -88
  -94
  -101
  -107
  -114
  -121
  -128
  -136
  -143
  -151
  -160
  -169
  -178
  -188
  -198
  -208
  -219
  -231
  -243
  -255
  -269
Prev. year cash balance distribution, $m
 
  457
  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
 
  509
  45
  38
  34
  30
  28
  28
  29
  31
  34
  39
  44
  52
  60
  70
  81
  93
  107
  122
  139
  157
  177
  199
  223
  248
  276
  305
  337
  371
  407
Discount rate, %
 
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
 
  481
  40
  32
  26
  21
  18
  16
  15
  14
  14
  14
  14
  14
  14
  13
  13
  12
  11
  10
  9
  7
  6
  5
  4
  3
  2
  2
  1
  1
  1
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

RLJ Lodging Trust is a self-administered real estate investment trust. The Company is engaged in the acquisition of focused-service and compact full-service hotels. As of December 31, 2016, the Company owned 122 hotels with approximately 20,100 rooms, located in 21 states and the District of Columbia, and an interest in one mortgage loan secured by a hotel. Its hotels' brand affiliations include Residence Inn, Courtyard, SpringHill Suites, Fairfield Inn & Suites, Marriott, Renaissance, Hilton Garden Inn, Hampton Inn/Hampton Inn & Suites, Embassy Suites, DoubleTree, Homewood Suites, Hilton, Hyatt House, Hyatt Place and Hyatt/Hyatt Centric. Its operating partnership is RLJ Lodging Trust, L.P. Its properties include Courtyard San Francisco, Courtyard Boulder Longmont, Residence Inn Longmont Boulder, DoubleTree Grand Key Resort, Courtyard Atlanta Buckhead, Courtyard Chicago Southeast Hammond, Courtyard Louisville Northeast, DoubleTree Hotel Columbia and Residence Inn Detroit Novi.

FINANCIAL RATIOS  of  RLJ Lodging Trust (RLJ)

Valuation Ratios
P/E Ratio 13.3
Price to Sales 2.3
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 8
Price to Free Cash Flow 10.8
Growth Rates
Sales Growth Rate 2.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -44%
Cap. Spend. - 3 Yr. Gr. Rate 6.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 71.2%
Total Debt to Equity 71.2%
Interest Coverage 4
Management Effectiveness
Return On Assets 6.3%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital 5.3%
Ret/ On T. Cap. - 3 Yr. Avg. 4.9%
Return On Equity 9.1%
Return On Equity - 3 Yr. Avg. 8.2%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 42.4%
Gross Margin - 3 Yr. Avg. 42.1%
EBITDA Margin 33%
EBITDA Margin - 3 Yr. Avg. 31.5%
Operating Margin 19%
Oper. Margin - 3 Yr. Avg. 18%
Pre-Tax Margin 14.1%
Pre-Tax Margin - 3 Yr. Avg. 13.3%
Net Profit Margin 17.2%
Net Profit Margin - 3 Yr. Avg. 16.2%
Effective Tax Rate 5.5%
Eff/ Tax Rate - 3 Yr. Avg. -6.5%
Payout Ratio 82.5%

RLJ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RLJ stock intrinsic value calculation we used $1160 million for the last fiscal year's total revenue generated by RLJ Lodging Trust. The default revenue input number comes from 2016 income statement of RLJ Lodging 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 RLJ stock valuation model: a) initial revenue growth rate of 2% 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 5.9%, whose default value for RLJ is calculated based on our internal credit rating of RLJ Lodging 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 RLJ Lodging 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 RLJ stock the variable cost ratio is equal to 33.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $567 million in the base year in the intrinsic value calculation for RLJ 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 3.5% for RLJ Lodging Trust.

Corporate tax rate of 27% is the nominal tax rate for RLJ Lodging 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 RLJ 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 RLJ are equal to 303.7%.

Life of production assets of 21.6 years is the average useful life of capital assets used in RLJ Lodging 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 RLJ is equal to -39.4%. 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 - $2222 million for RLJ Lodging 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 175.159 million for RLJ Lodging 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 RLJ Lodging Trust at the current share price and the inputted number of shares is $3.8 billion.

RELATED COMPANIES Price Int.Val. Rating
AHT Ashford Hospit 6.67 20.77  str.buy
H Hyatt Hotels 71.90 17.87  str.sell
MAR Marriott Inter 128.57 597.63  str.buy
HLT Hilton Worldwi 77.47 131.88  str.buy
HPT Hospitality Pr 29.90 4.76  str.sell
CHSP Chesapeake Lod 27.96 4.95  str.sell
HT Hersha Hospita 17.53 4.99  str.sell
INN Summit Hotel P 14.94 3.44  str.sell

COMPANY NEWS

▶ RLJ Lodging Trust to Host Earnings Call   [08:10AM  ACCESSWIRE]
▶ RLJ Lodging reports 3Q results   [05:02AM  Associated Press]
▶ RLJ Lodging Trust Reports Third Quarter 2017 Results   [Nov-08-17 05:57PM  Business Wire]
▶ RLJ Lodging Trust Provides Hurricane Update   [Sep-13-17 09:15AM  Business Wire]
▶ Forest City to weigh sale, merger to 'enhance shareholder value'   [07:15AM  American City Business Journals]
▶ RLJ closes on its purchase of FelCor   [Sep-01-17 12:25PM  American City Business Journals]
▶ Vinoy owner votes to merge with another REIT   [Aug-16-17 01:10PM  American City Business Journals]
▶ RLJ Shareholders and FelCor Stockholders Approve Merger   [Aug-15-17 08:37PM  Business Wire]
▶ [$$] Bad Reviews Threaten RLJs Proposed Hotel Deal   [Aug-09-17 12:48AM  The Wall Street Journal]
▶ [$$] Bad Reviews Threaten RLJ's Proposed Hotel Deal   [Aug-08-17 07:43AM  The Wall Street Journal]
▶ RLJ Lodging reports 2Q results   [Aug-05-17 01:14AM  Associated Press]
▶ RLJ Lodging Trust Reports Second Quarter 2017 Results   [Aug-03-17 05:50PM  Business Wire]
▶ [$$] Blackstone Made Bid to Buy Hotel Investor RLJ Lodging Trust   [Jul-21-17 12:48AM  The Wall Street Journal]
▶ [$$] Blackstone Made Bid to Buy Hotel Investor RLJ Lodging Trust   [Jul-20-17 07:26PM  The Wall Street Journal]
▶ This Is Why Dividend-Rich Hotel REITs Flew Today   [04:18PM  Investor's Business Daily]
▶ RLJ Lodging reports 1Q results   [May-08-17 06:18PM  Associated Press]
▶ FelCor merging with Maryland hotel investment company in $1.18B deal   [02:40PM  American City Business Journals]
▶ RLJ Lodging Trust finds a merger partner, will become a $7B company   [11:17AM  American City Business Journals]
▶ RLJ Lodging reports 4Q results   [Feb-22-17 07:42PM  Associated Press]
Financial statements of RLJ
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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