Intrinsic value of Hospitality Properties Trust - HPT

Previous Close

$28.93

  Intrinsic Value

$339.27

stock screener

  Rating & Target

str. buy

+999%

Previous close

$28.93

 
Intrinsic value

$339.27

 
Up/down potential

+999%

 
Rating

str. buy

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 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 4.7

 

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, %
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
Revenue, $m
  2,304
  2,443
  2,586
  2,736
  2,893
  3,056
  3,227
  3,406
  3,592
  3,787
  3,991
  4,204
  4,427
  4,661
  4,906
  5,162
  5,431
  5,712
  6,007
  6,317
  6,641
  6,981
  7,338
  7,712
  8,104
  8,516
  8,947
  9,401
  9,876
  10,375
Variable operating expenses, $m
  1,867
  1,978
  2,092
  2,212
  2,337
  2,468
  2,604
  2,747
  2,896
  3,051
  3,187
  3,358
  3,536
  3,723
  3,918
  4,123
  4,337
  4,562
  4,798
  5,045
  5,304
  5,575
  5,860
  6,159
  6,472
  6,801
  7,146
  7,508
  7,888
  8,286
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
  1,867
  1,978
  2,092
  2,212
  2,337
  2,468
  2,604
  2,747
  2,896
  3,051
  3,187
  3,358
  3,536
  3,723
  3,918
  4,123
  4,337
  4,562
  4,798
  5,045
  5,304
  5,575
  5,860
  6,159
  6,472
  6,801
  7,146
  7,508
  7,888
  8,286
Operating income, $m
  437
  465
  494
  524
  556
  589
  623
  659
  696
  736
  803
  846
  891
  938
  988
  1,039
  1,093
  1,150
  1,210
  1,272
  1,337
  1,406
  1,477
  1,553
  1,632
  1,715
  1,801
  1,893
  1,988
  2,089
EBITDA, $m
  1,223
  1,296
  1,372
  1,452
  1,535
  1,622
  1,712
  1,807
  1,906
  2,009
  2,117
  2,230
  2,349
  2,473
  2,603
  2,739
  2,881
  3,031
  3,187
  3,351
  3,523
  3,704
  3,893
  4,091
  4,299
  4,518
  4,747
  4,987
  5,240
  5,504
Interest expense (income), $m
  146
  -4
  -4
  -4
  -4
  -4
  -3
  -3
  -3
  -3
  -3
  -2
  -2
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  1
  1
  1
  2
  2
  3
  3
  4
  4
  5
Earnings before tax, $m
  441
  469
  498
  528
  559
  592
  626
  662
  699
  738
  806
  849
  893
  940
  989
  1,040
  1,094
  1,151
  1,210
  1,272
  1,337
  1,405
  1,476
  1,551
  1,629
  1,712
  1,798
  1,889
  1,984
  2,084
Tax expense, $m
  119
  127
  134
  143
  151
  160
  169
  179
  189
  199
  218
  229
  241
  254
  267
  281
  295
  311
  327
  343
  361
  379
  399
  419
  440
  462
  486
  510
  536
  563
Net income, $m
  322
  342
  363
  385
  408
  432
  457
  483
  510
  539
  588
  619
  652
  686
  722
  760
  799
  840
  883
  928
  976
  1,025
  1,077
  1,132
  1,189
  1,250
  1,313
  1,379
  1,448
  1,521

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
  -1,848
  -1,959
  -2,074
  -2,194
  -2,320
  -2,451
  -2,588
  -2,731
  -2,880
  -3,037
  -3,200
  -3,371
  -3,550
  -3,738
  -3,934
  -4,140
  -4,355
  -4,581
  -4,817
  -5,066
  -5,326
  -5,598
  -5,884
  -6,184
  -6,499
  -6,829
  -7,175
  -7,539
  -7,920
  -8,320
Adjusted assets (=assets-cash), $m
  -1,848
  -1,959
  -2,074
  -2,194
  -2,320
  -2,451
  -2,588
  -2,731
  -2,880
  -3,037
  -3,200
  -3,371
  -3,550
  -3,738
  -3,934
  -4,140
  -4,355
  -4,581
  -4,817
  -5,066
  -5,326
  -5,598
  -5,884
  -6,184
  -6,499
  -6,829
  -7,175
  -7,539
  -7,920
  -8,320
Revenue / Adjusted assets
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
  -1.247
Average production assets, $m
  7,586
  8,041
  8,514
  9,008
  9,524
  10,062
  10,624
  11,211
  11,825
  12,466
  13,137
  13,840
  14,575
  15,344
  16,150
  16,994
  17,878
  18,805
  19,776
  20,795
  21,862
  22,981
  24,155
  25,387
  26,678
  28,033
  29,455
  30,947
  32,512
  34,154
Working capital, $m
  -4,664
  -4,944
  -5,235
  -5,539
  -5,856
  -6,186
  -6,532
  -6,893
  -7,270
  -7,665
  -8,077
  -8,509
  -8,961
  -9,434
  -9,929
  -10,448
  -10,992
  -11,562
  -12,159
  -12,785
  -13,441
  -14,130
  -14,851
  -15,608
  -16,402
  -17,236
  -18,110
  -19,027
  -19,989
  -20,999
Total debt, $m
  -76
  -73
  -70
  -67
  -63
  -60
  -56
  -52
  -48
  -44
  -40
  -35
  -30
  -25
  -20
  -14
  -8
  -2
  4
  11
  18
  25
  33
  41
  49
  58
  68
  77
  88
  99
Total liabilities, $m
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  86
  91
  96
  101
  106
  112
  118
  124
  130
  137
  144
  151
  159
  167
  175
  184
  194
  204
  214
  225
Total equity, $m
  -1,898
  -2,012
  -2,130
  -2,254
  -2,383
  -2,517
  -2,658
  -2,805
  -2,958
  -3,119
  -3,287
  -3,462
  -3,646
  -3,839
  -4,040
  -4,251
  -4,473
  -4,705
  -4,948
  -5,202
  -5,469
  -5,749
  -6,043
  -6,351
  -6,674
  -7,013
  -7,369
  -7,742
  -8,134
  -8,545
Total liabilities and equity, $m
  -1,848
  -1,959
  -2,074
  -2,195
  -2,320
  -2,451
  -2,588
  -2,731
  -2,880
  -3,037
  -3,201
  -3,371
  -3,550
  -3,738
  -3,934
  -4,139
  -4,355
  -4,581
  -4,818
  -5,065
  -5,325
  -5,598
  -5,884
  -6,184
  -6,499
  -6,829
  -7,175
  -7,538
  -7,920
  -8,320
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
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027
  1.027

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  322
  342
  363
  385
  408
  432
  457
  483
  510
  539
  588
  619
  652
  686
  722
  760
  799
  840
  883
  928
  976
  1,025
  1,077
  1,132
  1,189
  1,250
  1,313
  1,379
  1,448
  1,521
Depreciation, amort., depletion, $m
  785
  831
  878
  928
  979
  1,033
  1,089
  1,148
  1,209
  1,273
  1,314
  1,384
  1,457
  1,534
  1,615
  1,699
  1,788
  1,881
  1,978
  2,079
  2,186
  2,298
  2,416
  2,539
  2,668
  2,803
  2,945
  3,095
  3,251
  3,415
Funds from operations, $m
  1,108
  1,173
  1,242
  1,313
  1,387
  1,465
  1,546
  1,631
  1,720
  1,812
  1,902
  2,003
  2,110
  2,221
  2,337
  2,459
  2,587
  2,720
  2,861
  3,008
  3,162
  3,323
  3,493
  3,671
  3,857
  4,053
  4,258
  4,474
  4,700
  4,937
Change in working capital, $m
  -268
  -279
  -291
  -304
  -317
  -331
  -345
  -361
  -377
  -394
  -413
  -432
  -452
  -473
  -495
  -519
  -544
  -570
  -597
  -626
  -656
  -688
  -722
  -757
  -794
  -833
  -874
  -917
  -962
  -1,010
Cash from operations, $m
  1,376
  1,453
  1,533
  1,617
  1,704
  1,796
  1,892
  1,992
  2,097
  2,207
  2,315
  2,435
  2,561
  2,694
  2,832
  2,978
  3,130
  3,290
  3,458
  3,634
  3,818
  4,012
  4,215
  4,428
  4,651
  4,886
  5,132
  5,391
  5,662
  5,947
Maintenance CAPEX, $m
  -715
  -759
  -804
  -851
  -901
  -952
  -1,006
  -1,062
  -1,121
  -1,182
  -1,247
  -1,314
  -1,384
  -1,457
  -1,534
  -1,615
  -1,699
  -1,788
  -1,881
  -1,978
  -2,079
  -2,186
  -2,298
  -2,416
  -2,539
  -2,668
  -2,803
  -2,945
  -3,095
  -3,251
New CAPEX, $m
  -437
  -454
  -474
  -494
  -515
  -538
  -562
  -587
  -614
  -642
  -671
  -702
  -735
  -769
  -806
  -844
  -884
  -927
  -971
  -1,018
  -1,068
  -1,119
  -1,174
  -1,231
  -1,292
  -1,355
  -1,422
  -1,492
  -1,565
  -1,642
Cash from investing activities, $m
  -1,152
  -1,213
  -1,278
  -1,345
  -1,416
  -1,490
  -1,568
  -1,649
  -1,735
  -1,824
  -1,918
  -2,016
  -2,119
  -2,226
  -2,340
  -2,459
  -2,583
  -2,715
  -2,852
  -2,996
  -3,147
  -3,305
  -3,472
  -3,647
  -3,831
  -4,023
  -4,225
  -4,437
  -4,660
  -4,893
Free cash flow, $m
  224
  240
  255
  271
  288
  306
  324
  343
  362
  383
  397
  419
  442
  467
  492
  519
  547
  576
  606
  638
  671
  706
  743
  781
  821
  863
  907
  954
  1,002
  1,053
Issuance/(repayment) of debt, $m
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
Issuance/(repurchase) of shares, $m
  -109
  -114
  -119
  -124
  -129
  -135
  -141
  -147
  -154
  -161
  -168
  -176
  -184
  -193
  -202
  -211
  -221
  -232
  -243
  -255
  -267
  -280
  -294
  -308
  -323
  -339
  -356
  -373
  -392
  -411
Cash from financing (excl. dividends), $m  
  -106
  -111
  -116
  -121
  -126
  -131
  -137
  -143
  -150
  -157
  -164
  -171
  -179
  -188
  -197
  -205
  -215
  -226
  -237
  -248
  -260
  -273
  -286
  -300
  -315
  -330
  -347
  -363
  -382
  -400
Total cash flow (excl. dividends), $m
  117
  129
  140
  151
  163
  174
  187
  200
  213
  226
  233
  248
  263
  279
  296
  313
  331
  350
  369
  390
  411
  433
  457
  481
  507
  533
  561
  590
  621
  653
Retained Cash Flow (-), $m
  109
  114
  119
  124
  129
  135
  141
  147
  154
  161
  168
  176
  184
  193
  202
  211
  221
  232
  243
  255
  267
  280
  294
  308
  323
  339
  356
  373
  392
  411
Prev. year cash balance distribution, $m
  1,789
  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
  2,016
  243
  258
  275
  291
  309
  327
  346
  366
  387
  401
  424
  447
  472
  498
  524
  552
  582
  612
  645
  678
  713
  750
  789
  830
  872
  917
  963
  1,012
  1,064
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
  2,016
  243
  258
  275
  291
  309
  327
  346
  366
  387
  401
  424
  447
  472
  498
  524
  552
  582
  612
  645
  678
  713
  750
  789
  830
  872
  917
  963
  1,012
  1,064
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

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 21.3
Price to Sales 2.3
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 8.9
Price to Free Cash Flow 60.2
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 $2172 million for the last fiscal year's total revenue generated by Hospitality Properties Trust. The default revenue input number comes from 2017 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 6.1% 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 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 81.1%.

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 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 5.4% 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 329.2%.

Life of production assets of 10 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 -202.4%. 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 - $0 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 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 87.50 106.67  str.buy
MAR Marriott Inter 133.05 361.06  str.buy
WYN Wyndham Worldw 108.44 56.34  sell
H Hyatt Hotels 82.30 5.52  str.sell
TA TravelCenters 4.60 2.74  sell
RLJ RLJ Lodging Tr 23.09 12.94  sell
HT Hersha Hospita 22.33 15.32  hold

COMPANY NEWS

▶ Hospitality Properites: 1Q Earnings Snapshot   [May-09-18 07:24AM  Associated Press]
▶ Why REITs Will Soar in 2018 (and 5 to Buy Now)   [03:56AM  Harvest Exchange]
▶ 4 REITs to Buy Before December 13 and 45 to Avoid   [Nov-06-17 03:56AM  Harvest Exchange]
▶ 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]
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