Intrinsic value of Chesapeake Lodging Trust - CHSP

Previous Close

$32.51

  Intrinsic Value

$111.10

stock screener

  Rating & Target

str. buy

+242%

Previous close

$32.51

 
Intrinsic value

$111.10

 
Up/down potential

+242%

 
Rating

str. buy

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

We calculate the intrinsic value of CHSP 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 2017), $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 2.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  610
  624
  640
  658
  678
  700
  724
  750
  777
  807
  839
  873
  909
  948
  989
  1,032
  1,078
  1,126
  1,178
  1,232
  1,289
  1,349
  1,413
  1,480
  1,550
  1,624
  1,702
  1,784
  1,871
  1,962
Variable operating expenses, $m
  501
  513
  526
  540
  556
  574
  593
  614
  637
  661
  680
  708
  737
  769
  802
  837
  874
  914
  955
  999
  1,045
  1,094
  1,146
  1,200
  1,257
  1,317
  1,380
  1,447
  1,517
  1,591
Fixed operating expenses, $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
Total operating expenses, $m
  501
  513
  526
  540
  556
  574
  593
  614
  637
  661
  680
  708
  737
  769
  802
  837
  874
  914
  955
  999
  1,045
  1,094
  1,146
  1,200
  1,257
  1,317
  1,380
  1,447
  1,517
  1,591
Operating income, $m
  109
  111
  114
  118
  122
  126
  130
  135
  140
  146
  159
  165
  172
  179
  187
  195
  204
  213
  223
  233
  244
  255
  267
  280
  293
  307
  322
  337
  354
  371
EBITDA, $m
  326
  334
  343
  352
  363
  375
  387
  401
  416
  432
  449
  467
  487
  507
  529
  552
  577
  603
  630
  659
  690
  722
  756
  792
  829
  869
  911
  955
  1,001
  1,050
Interest expense (income), $m
  31
  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
Earnings before tax, $m
  109
  111
  115
  118
  122
  126
  130
  135
  140
  146
  159
  165
  172
  179
  187
  195
  204
  213
  223
  233
  244
  255
  267
  280
  293
  307
  322
  338
  354
  371
Tax expense, $m
  29
  30
  31
  32
  33
  34
  35
  37
  38
  39
  43
  45
  46
  48
  51
  53
  55
  58
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
  96
  100
Net income, $m
  79
  81
  84
  86
  89
  92
  95
  99
  103
  107
  116
  121
  126
  131
  137
  143
  149
  156
  163
  170
  178
  186
  195
  204
  214
  224
  235
  246
  258
  271

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  -148
  -151
  -155
  -159
  -164
  -169
  -175
  -181
  -188
  -195
  -203
  -211
  -220
  -229
  -239
  -250
  -261
  -272
  -285
  -298
  -312
  -326
  -342
  -358
  -375
  -393
  -412
  -432
  -453
  -475
Adjusted assets (=assets-cash), $m
  -148
  -151
  -155
  -159
  -164
  -169
  -175
  -181
  -188
  -195
  -203
  -211
  -220
  -229
  -239
  -250
  -261
  -272
  -285
  -298
  -312
  -326
  -342
  -358
  -375
  -393
  -412
  -432
  -453
  -475
Revenue / Adjusted assets
  -4.122
  -4.132
  -4.129
  -4.138
  -4.134
  -4.142
  -4.137
  -4.144
  -4.133
  -4.138
  -4.133
  -4.137
  -4.132
  -4.140
  -4.138
  -4.128
  -4.130
  -4.140
  -4.133
  -4.134
  -4.131
  -4.138
  -4.132
  -4.134
  -4.133
  -4.132
  -4.131
  -4.130
  -4.130
  -4.131
Average production assets, $m
  2,111
  2,160
  2,215
  2,277
  2,346
  2,422
  2,505
  2,594
  2,690
  2,793
  2,904
  3,022
  3,147
  3,281
  3,422
  3,572
  3,731
  3,899
  4,076
  4,263
  4,461
  4,669
  4,889
  5,121
  5,364
  5,621
  5,891
  6,175
  6,475
  6,789
Working capital, $m
  -909
  -930
  -954
  -980
  -1,010
  -1,043
  -1,078
  -1,117
  -1,158
  -1,203
  -1,250
  -1,301
  -1,355
  -1,412
  -1,473
  -1,538
  -1,606
  -1,678
  -1,755
  -1,835
  -1,921
  -2,010
  -2,105
  -2,204
  -2,309
  -2,420
  -2,536
  -2,659
  -2,787
  -2,923
Total debt, $m
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
Total liabilities, $m
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
Total equity, $m
  -145
  -149
  -152
  -157
  -161
  -167
  -172
  -178
  -185
  -192
  -200
  -208
  -216
  -226
  -235
  -246
  -257
  -268
  -280
  -293
  -307
  -321
  -336
  -352
  -369
  -387
  -405
  -425
  -445
  -467
Total liabilities and equity, $m
  -147
  -151
  -154
  -160
  -164
  -170
  -175
  -181
  -188
  -195
  -203
  -211
  -220
  -230
  -239
  -250
  -261
  -272
  -285
  -298
  -312
  -326
  -341
  -358
  -375
  -393
  -412
  -432
  -452
  -475
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984
  0.984

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  79
  81
  84
  86
  89
  92
  95
  99
  103
  107
  116
  121
  126
  131
  137
  143
  149
  156
  163
  170
  178
  186
  195
  204
  214
  224
  235
  246
  258
  271
Depreciation, amort., depletion, $m
  218
  223
  228
  234
  241
  249
  257
  266
  276
  286
  290
  302
  315
  328
  342
  357
  373
  390
  408
  426
  446
  467
  489
  512
  536
  562
  589
  618
  647
  679
Funds from operations, $m
  297
  304
  312
  320
  330
  341
  352
  365
  378
  393
  406
  423
  440
  459
  479
  500
  522
  545
  570
  597
  624
  653
  684
  716
  751
  786
  824
  864
  906
  950
Change in working capital, $m
  -18
  -21
  -24
  -27
  -30
  -33
  -36
  -38
  -41
  -44
  -48
  -51
  -54
  -57
  -61
  -65
  -68
  -72
  -76
  -81
  -85
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -129
  -135
Cash from operations, $m
  315
  325
  336
  347
  360
  373
  388
  403
  420
  437
  454
  474
  494
  516
  540
  564
  590
  618
  647
  677
  709
  743
  779
  816
  855
  897
  941
  986
  1,035
  1,085
Maintenance CAPEX, $m
  -207
  -211
  -216
  -222
  -228
  -235
  -242
  -250
  -259
  -269
  -279
  -290
  -302
  -315
  -328
  -342
  -357
  -373
  -390
  -408
  -426
  -446
  -467
  -489
  -512
  -536
  -562
  -589
  -618
  -647
New CAPEX, $m
  -41
  -49
  -56
  -62
  -69
  -76
  -82
  -89
  -96
  -103
  -110
  -118
  -125
  -133
  -142
  -150
  -159
  -168
  -177
  -187
  -198
  -208
  -220
  -231
  -244
  -257
  -270
  -284
  -299
  -315
Cash from investing activities, $m
  -248
  -260
  -272
  -284
  -297
  -311
  -324
  -339
  -355
  -372
  -389
  -408
  -427
  -448
  -470
  -492
  -516
  -541
  -567
  -595
  -624
  -654
  -687
  -720
  -756
  -793
  -832
  -873
  -917
  -962
Free cash flow, $m
  67
  65
  64
  63
  63
  63
  63
  63
  64
  65
  64
  65
  67
  68
  70
  72
  74
  77
  79
  82
  85
  89
  92
  96
  100
  104
  108
  113
  118
  123
Issuance/(repayment) of debt, $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
Issuance/(repurchase) of shares, $m
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
Cash from financing (excl. dividends), $m  
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
Total cash flow (excl. dividends), $m
  65
  62
  60
  59
  58
  58
  57
  57
  57
  58
  56
  57
  58
  59
  60
  62
  63
  65
  67
  69
  71
  74
  77
  80
  83
  86
  89
  93
  97
  101
Retained Cash Flow (-), $m
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
Prev. year cash balance distribution, $m
  142
  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
  8
  8
  8
  8
  9
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
Cash available for distribution, $m
  210
  65
  64
  63
  63
  63
  63
  63
  64
  65
  64
  65
  67
  68
  70
  72
  74
  77
  79
  82
  85
  88
  92
  95
  99
  104
  108
  113
  118
  123
Discount rate, %
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
PV of cash for distribution, $m
  210
  65
  64
  63
  63
  63
  63
  63
  64
  65
  64
  65
  67
  68
  70
  72
  74
  77
  79
  82
  85
  88
  92
  95
  99
  104
  108
  113
  118
  123
Current shareholders' claim on cash, %
  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

Chesapeake Lodging Trust is a real estate investment trust. The Company is focused on investments primarily in upper-upscale hotels in various business and convention markets and, on a selective basis, select-service hotels in urban settings or other locations in the United States. The Company operates through the hotel ownership segment. The Company conducts its operations primarily though Chesapeake Lodging, L.P., its operating partnership (the Operating Partnership). As of February 17, 2017, the Company owned 22 hotels. As of February 17, 2017, the Company's portfolio included Hyatt Regency Boston; Hilton Checkers Los Angeles; Boston Marriott Newton; Le Meridien San Francisco; Hotel Indigo San Diego Gaslamp Quarter; Courtyard Washington Capitol Hill/Navy Yard; Hotel Adagio San Francisco, Autograph Collection; Denver Marriott City Center; Hyatt Herald Square New York, and Ace Hotel and Theater Downtown Los Angeles. As of February 17, 2017, the Company's hotels had 6,694 rooms.

FINANCIAL RATIOS  of  Chesapeake Lodging Trust (CHSP)

Valuation Ratios
P/E Ratio 25.2
Price to Sales 3.1
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 12.1
Price to Free Cash Flow 15.2
Growth Rates
Sales Growth Rate 6.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -89%
Cap. Spend. - 3 Yr. Gr. Rate -38.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.3
LT Debt to Equity 62%
Total Debt to Equity 62%
Interest Coverage 4
Management Effectiveness
Return On Assets 5.2%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 3.9%
Return On Equity 6.4%
Return On Equity - 3 Yr. Avg. 6.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 32.9%
Gross Margin - 3 Yr. Avg. 32.6%
EBITDA Margin 30%
EBITDA Margin - 3 Yr. Avg. 29.5%
Operating Margin 17.7%
Oper. Margin - 3 Yr. Avg. 17.5%
Pre-Tax Margin 12.7%
Pre-Tax Margin - 3 Yr. Avg. 12.5%
Net Profit Margin 12.4%
Net Profit Margin - 3 Yr. Avg. 12.3%
Effective Tax Rate 2.5%
Eff/ Tax Rate - 3 Yr. Avg. 1.8%
Payout Ratio 135.1%

CHSP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CHSP stock intrinsic value calculation we used $598 million for the last fiscal year's total revenue generated by Chesapeake Lodging Trust. The default revenue input number comes from 2017 income statement of Chesapeake 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 CHSP 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 0%, whose default value for CHSP is calculated based on our internal credit rating of Chesapeake 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 Chesapeake 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 CHSP stock the variable cost ratio is equal to 82.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CHSP 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 5.4% for Chesapeake Lodging Trust.

Corporate tax rate of 27% is the nominal tax rate for Chesapeake 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 CHSP stock is equal to 1.3%.

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 CHSP are equal to 346.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Chesapeake 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 CHSP is equal to -149%. 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 - $0 million for Chesapeake 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 60 million for Chesapeake 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 Chesapeake Lodging Trust at the current share price and the inputted number of shares is $2.0 billion.

RELATED COMPANIES Price Int.Val. Rating
AHT Ashford Hospit 6.47 19.76  str.buy
SOHO Sotherly Hotel 7.01 98.92  str.buy
AHP Ashford Hospit 10.38 11.18  hold
RLJ RLJ Lodging Tr 21.92 12.94  sell
LHO LaSalle Hotel 34.54 151.93  str.buy
HPT Hospitality Pr 28.85 339.27  str.buy
HT Hersha Hospita 22.16 15.32  hold

COMPANY NEWS

▶ Chesapeake Lodging Trust to Host Earnings Call   [Jul-27-18 09:00AM  ACCESSWIRE]
▶ 3 Top Ranked Income Stocks to Buy for May 18th   [May-18-18 12:50PM  InvestorPlace]
▶ Top Ranked Income Stocks to Buy for May 14th   [May-14-18 08:56AM  Zacks]
▶ Here's how much more CEOs at Baltimore public companies make than their employees   [May-05-18 08:43AM  American City Business Journals]
▶ Top Ranked Income Stocks to Buy for May 4th   [May-04-18 11:32AM  Zacks]
▶ Top Ranked Income Stocks to Buy for May 1st   [May-01-18 11:12AM  Zacks]
▶ Chesapeake Lodging: 1Q Earnings Snapshot   [09:15AM  Associated Press]
▶ Chesapeake Lodging reports 4Q results   [Feb-15-18 04:52PM  Associated Press]
▶ Chesapeake Lodging Tr Trying To Close In On Key Technical Benchmark   [Dec-19-17 03:00AM  Investor's Business Daily]
▶ Chesapeake Lodging reports 3Q results   [Nov-02-17 09:41AM  Associated Press]
▶ Chesapeake Lodging Tr Sees IBD RS Rating Improve To 73   [Oct-26-17 03:00AM  Investor's Business Daily]
▶ Big downtown Denver hotel gets a new brand, new management   [Sep-19-17 07:03PM  American City Business Journals]
▶ Chesapeake Lodging reports 2Q results   [Aug-02-17 10:56PM  Associated Press]
▶ 2 Bargain Hotel REITs To Buy, 1 To Sell   [May-07-17 09:33AM  Forbes]
▶ Chesapeake Lodging reports 1Q results   [Apr-25-17 05:33PM  Associated Press]
▶ 3 Undervalued Companies   [Feb-23-17 02:33PM  GuruFocus.com]
▶ Chesapeake Lodging reports 4Q results   [Feb-22-17 06:02PM  Associated Press]
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