Intrinsic value of Hospitality Properties Trust - HPT

Previous Close

$27.27

  Intrinsic Value

$4.72

stock screener

  Rating & Target

str. sell

-83%

Previous close

$27.27

 
Intrinsic value

$4.72

 
Up/down potential

-83%

 
Rating

str. sell

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Hospitality Properties Trust (HPT) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
Revenue, $m
  2,047
  2,176
  2,310
  2,450
  2,596
  2,748
  2,906
  3,072
  3,244
  3,425
  3,613
  3,810
  4,016
  4,232
  4,457
  4,693
  4,941
  5,200
  5,471
  5,755
  6,053
  6,365
  6,692
  7,036
  7,396
  7,773
  8,169
  8,584
  9,020
  9,477
  9,957
Variable operating expenses, $m
 
  661
  702
  745
  789
  835
  883
  934
  986
  1,041
  1,098
  1,158
  1,221
  1,286
  1,355
  1,427
  1,502
  1,581
  1,663
  1,750
  1,840
  1,935
  2,035
  2,139
  2,248
  2,363
  2,483
  2,610
  2,742
  2,881
  3,027
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
  1,753
  1,821
  1,892
  1,965
  2,040
  2,118
  2,200
  2,284
  2,371
  2,461
  2,555
  2,653
  2,754
  2,860
  2,969
  3,083
  3,202
  3,324
  3,453
  3,585
  3,724
  3,868
  4,018
  4,174
  4,337
  4,507
  4,684
  4,868
  5,060
  5,261
Operating income, $m
  387
  423
  489
  558
  631
  707
  788
  872
  960
  1,053
  1,151
  1,254
  1,363
  1,477
  1,597
  1,724
  1,858
  1,998
  2,147
  2,303
  2,468
  2,641
  2,824
  3,017
  3,221
  3,436
  3,662
  3,900
  4,152
  4,417
  4,696
EBITDA, $m
  744
  803
  892
  986
  1,084
  1,187
  1,295
  1,408
  1,527
  1,651
  1,782
  1,920
  2,064
  2,216
  2,376
  2,543
  2,720
  2,906
  3,102
  3,308
  3,524
  3,753
  3,993
  4,246
  4,512
  4,792
  5,088
  5,399
  5,726
  6,071
  6,434
Interest expense (income), $m
  146
  142
  152
  163
  173
  185
  196
  209
  221
  235
  248
  263
  278
  294
  311
  328
  346
  365
  385
  406
  428
  451
  475
  500
  527
  554
  583
  614
  646
  680
  715
Earnings before tax, $m
  227
  280
  337
  396
  458
  523
  591
  663
  739
  819
  903
  991
  1,085
  1,183
  1,287
  1,396
  1,511
  1,633
  1,761
  1,897
  2,040
  2,190
  2,349
  2,517
  2,694
  2,881
  3,078
  3,286
  3,506
  3,737
  3,981
Tax expense, $m
  4
  76
  91
  107
  124
  141
  160
  179
  200
  221
  244
  268
  293
  319
  347
  377
  408
  441
  476
  512
  551
  591
  634
  680
  727
  778
  831
  887
  947
  1,009
  1,075
Net income, $m
  223
  205
  246
  289
  334
  382
  432
  484
  540
  598
  659
  724
  792
  864
  939
  1,019
  1,103
  1,192
  1,286
  1,385
  1,489
  1,599
  1,715
  1,838
  1,967
  2,103
  2,247
  2,399
  2,559
  2,728
  2,906

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
  7,042
  7,476
  7,929
  8,401
  8,892
  9,405
  9,940
  10,499
  11,083
  11,693
  12,331
  12,997
  13,695
  14,425
  15,189
  15,989
  16,827
  17,705
  18,625
  19,589
  20,599
  21,658
  22,769
  23,934
  25,155
  26,436
  27,780
  29,191
  30,670
  32,222
Adjusted assets (=assets-cash), $m
  6,623
  7,042
  7,476
  7,929
  8,401
  8,892
  9,405
  9,940
  10,499
  11,083
  11,693
  12,331
  12,997
  13,695
  14,425
  15,189
  15,989
  16,827
  17,705
  18,625
  19,589
  20,599
  21,658
  22,769
  23,934
  25,155
  26,436
  27,780
  29,191
  30,670
  32,222
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
  6,571
  6,977
  7,399
  7,839
  8,298
  8,777
  9,276
  9,798
  10,342
  10,912
  11,507
  12,129
  12,780
  13,461
  14,174
  14,921
  15,703
  16,522
  17,380
  18,280
  19,223
  20,211
  21,248
  22,334
  23,474
  24,670
  25,924
  27,240
  28,621
  30,069
Working capital, $m
  0
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
Total debt, $m
  3,164
  3,384
  3,614
  3,853
  4,103
  4,363
  4,634
  4,917
  5,213
  5,522
  5,845
  6,182
  6,535
  6,904
  7,290
  7,694
  8,117
  8,561
  9,025
  9,512
  10,021
  10,556
  11,116
  11,704
  12,320
  12,966
  13,644
  14,355
  15,101
  15,883
  16,705
Total liabilities, $m
  3,505
  3,725
  3,955
  4,194
  4,444
  4,704
  4,975
  5,258
  5,554
  5,863
  6,186
  6,523
  6,876
  7,245
  7,631
  8,035
  8,458
  8,902
  9,366
  9,853
  10,362
  10,897
  11,457
  12,045
  12,661
  13,307
  13,985
  14,696
  15,442
  16,224
  17,046
Total equity, $m
  3,129
  3,317
  3,521
  3,735
  3,957
  4,188
  4,430
  4,682
  4,945
  5,220
  5,507
  5,808
  6,122
  6,450
  6,794
  7,154
  7,531
  7,926
  8,339
  8,772
  9,226
  9,702
  10,201
  10,724
  11,273
  11,848
  12,452
  13,085
  13,749
  14,446
  15,177
Total liabilities and equity, $m
  6,634
  7,042
  7,476
  7,929
  8,401
  8,892
  9,405
  9,940
  10,499
  11,083
  11,693
  12,331
  12,998
  13,695
  14,425
  15,189
  15,989
  16,828
  17,705
  18,625
  19,588
  20,599
  21,658
  22,769
  23,934
  25,155
  26,437
  27,781
  29,191
  30,670
  32,223
Debt-to-equity ratio
  1.011
  1.020
  1.030
  1.030
  1.040
  1.040
  1.050
  1.050
  1.050
  1.060
  1.060
  1.060
  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
  1.100
  1.100
  1.100
  1.100
  1.100
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
  205
  246
  289
  334
  382
  432
  484
  540
  598
  659
  724
  792
  864
  939
  1,019
  1,103
  1,192
  1,286
  1,385
  1,489
  1,599
  1,715
  1,838
  1,967
  2,103
  2,247
  2,399
  2,559
  2,728
  2,906
Depreciation, amort., depletion, $m
  357
  380
  403
  428
  453
  480
  507
  536
  566
  598
  631
  665
  701
  739
  778
  819
  862
  908
  955
  1,005
  1,057
  1,111
  1,168
  1,228
  1,291
  1,357
  1,426
  1,499
  1,575
  1,654
  1,738
Funds from operations, $m
  532
  585
  649
  717
  787
  861
  939
  1,020
  1,106
  1,196
  1,290
  1,389
  1,493
  1,602
  1,717
  1,838
  1,966
  2,100
  2,241
  2,389
  2,546
  2,710
  2,883
  3,066
  3,258
  3,460
  3,673
  3,897
  4,134
  4,382
  4,644
Change in working capital, $m
  -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
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  533
  585
  650
  717
  788
  862
  940
  1,021
  1,107
  1,197
  1,291
  1,390
  1,494
  1,603
  1,719
  1,840
  1,967
  2,101
  2,242
  2,391
  2,547
  2,712
  2,885
  3,067
  3,260
  3,462
  3,675
  3,900
  4,136
  4,385
  4,647
Maintenance CAPEX, $m
  0
  -357
  -380
  -403
  -428
  -453
  -480
  -507
  -536
  -566
  -598
  -631
  -665
  -701
  -739
  -778
  -819
  -862
  -908
  -955
  -1,005
  -1,057
  -1,111
  -1,168
  -1,228
  -1,291
  -1,357
  -1,426
  -1,499
  -1,575
  -1,654
New CAPEX, $m
  -454
  -389
  -405
  -422
  -440
  -459
  -479
  -499
  -521
  -545
  -569
  -595
  -622
  -651
  -681
  -713
  -747
  -782
  -819
  -858
  -900
  -943
  -988
  -1,036
  -1,087
  -1,140
  -1,196
  -1,254
  -1,316
  -1,381
  -1,449
Cash from investing activities, $m
  -454
  -746
  -785
  -825
  -868
  -912
  -959
  -1,006
  -1,057
  -1,111
  -1,167
  -1,226
  -1,287
  -1,352
  -1,420
  -1,491
  -1,566
  -1,644
  -1,727
  -1,813
  -1,905
  -2,000
  -2,099
  -2,204
  -2,315
  -2,431
  -2,553
  -2,680
  -2,815
  -2,956
  -3,103
Free cash flow, $m
  79
  -161
  -136
  -108
  -80
  -50
  -18
  14
  49
  85
  124
  164
  207
  251
  299
  348
  401
  457
  515
  577
  643
  712
  785
  863
  945
  1,031
  1,123
  1,219
  1,322
  1,430
  1,544
Issuance/(repayment) of debt, $m
  -111
  220
  230
  239
  249
  260
  271
  283
  296
  309
  323
  337
  353
  369
  386
  404
  423
  443
  464
  487
  510
  534
  560
  588
  616
  646
  678
  711
  746
  783
  821
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
  220
  230
  239
  249
  260
  271
  283
  296
  309
  323
  337
  353
  369
  386
  404
  423
  443
  464
  487
  510
  534
  560
  588
  616
  646
  678
  711
  746
  783
  821
Total cash flow (excl. dividends), $m
  332
  59
  94
  131
  170
  210
  253
  298
  345
  394
  446
  501
  559
  620
  685
  753
  824
  900
  980
  1,064
  1,153
  1,247
  1,346
  1,450
  1,561
  1,677
  1,800
  1,930
  2,067
  2,212
  2,365
Retained Cash Flow (-), $m
  -317
  -199
  -205
  -213
  -222
  -232
  -242
  -252
  -263
  -275
  -287
  -300
  -314
  -329
  -344
  -360
  -377
  -395
  -413
  -433
  -454
  -476
  -499
  -523
  -549
  -575
  -603
  -633
  -664
  -697
  -731
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
 
  -129
  -110
  -82
  -52
  -21
  11
  45
  81
  119
  159
  201
  245
  292
  341
  393
  448
  505
  566
  631
  699
  771
  847
  927
  1,012
  1,102
  1,197
  1,297
  1,403
  1,515
  1,634
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
 
  -119
  -93
  -63
  -36
  -13
  6
  22
  34
  42
  47
  50
  50
  48
  45
  40
  35
  30
  25
  20
  16
  12
  9
  6
  4
  3
  2
  1
  1
  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 20.1
Price to Sales 2.2
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 8.4
Price to Free Cash Flow 56.7
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 6.3% 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 165.829 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 $4.5 billion.

RELATED COMPANIES Price Int.Val. Rating
RMR RMR Group Cl A 60.85 54.87  hold
MAR Marriott Inter 138.50 476.36  str.buy
WYN Wyndham Worldw 121.08 73.94  sell
H Hyatt Hotels 79.73 18.09  str.sell
TA TravelCenters 4.03 41.49  str.buy
RLJ RLJ Lodging Tr 21.83 10.88  str.sell
HT Hersha Hospita 18.04 4.98  str.sell

COMPANY NEWS

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▶ 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]
Financial statements of HPT
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