Intrinsic value of Host Hotels&Resorts - HST

Previous Close

$20.29

  Intrinsic Value

$7.38

stock screener

  Rating & Target

str. sell

-64%

Previous close

$20.29

 
Intrinsic value

$7.38

 
Up/down potential

-64%

 
Rating

str. sell

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

We calculate the intrinsic value of HST 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 15.0

 

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
  5,495
  5,621
  5,766
  5,928
  6,107
  6,305
  6,519
  6,752
  7,002
  7,271
  7,558
  7,865
  8,192
  8,539
  8,907
  9,298
  9,711
  10,148
  10,609
  11,097
  11,611
  12,154
  12,726
  13,328
  13,962
  14,631
  15,334
  16,074
  16,852
  17,671
Variable operating expenses, $m
  4,549
  4,653
  4,772
  4,905
  5,053
  5,215
  5,392
  5,583
  5,789
  6,010
  6,219
  6,471
  6,740
  7,025
  7,328
  7,650
  7,990
  8,349
  8,729
  9,130
  9,553
  9,999
  10,470
  10,966
  11,488
  12,037
  12,616
  13,225
  13,865
  14,539
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
  4,549
  4,653
  4,772
  4,905
  5,053
  5,215
  5,392
  5,583
  5,789
  6,010
  6,219
  6,471
  6,740
  7,025
  7,328
  7,650
  7,990
  8,349
  8,729
  9,130
  9,553
  9,999
  10,470
  10,966
  11,488
  12,037
  12,616
  13,225
  13,865
  14,539
Operating income, $m
  946
  968
  994
  1,022
  1,054
  1,089
  1,127
  1,168
  1,213
  1,260
  1,340
  1,394
  1,452
  1,514
  1,579
  1,648
  1,721
  1,799
  1,881
  1,967
  2,058
  2,154
  2,256
  2,362
  2,475
  2,593
  2,718
  2,849
  2,987
  3,132
EBITDA, $m
  2,181
  2,231
  2,288
  2,352
  2,424
  2,502
  2,587
  2,679
  2,779
  2,885
  3,000
  3,121
  3,251
  3,389
  3,535
  3,690
  3,854
  4,027
  4,210
  4,404
  4,608
  4,823
  5,050
  5,289
  5,541
  5,806
  6,085
  6,379
  6,688
  7,013
Interest expense (income), $m
  144
  211
  212
  212
  213
  214
  215
  216
  218
  219
  221
  222
  224
  226
  228
  230
  232
  235
  237
  240
  243
  246
  249
  252
  255
  259
  263
  267
  271
  276
  280
Earnings before tax, $m
  735
  757
  781
  809
  840
  874
  911
  951
  994
  1,040
  1,117
  1,170
  1,226
  1,286
  1,349
  1,416
  1,487
  1,562
  1,641
  1,724
  1,813
  1,906
  2,004
  2,107
  2,216
  2,330
  2,451
  2,578
  2,711
  2,852
Tax expense, $m
  198
  204
  211
  218
  227
  236
  246
  257
  268
  281
  302
  316
  331
  347
  364
  382
  401
  422
  443
  466
  489
  515
  541
  569
  598
  629
  662
  696
  732
  770
Net income, $m
  536
  552
  570
  591
  613
  638
  665
  694
  725
  759
  816
  854
  895
  939
  985
  1,034
  1,085
  1,140
  1,198
  1,259
  1,323
  1,391
  1,463
  1,538
  1,618
  1,701
  1,789
  1,882
  1,979
  2,082

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
  -1,092
  -1,118
  -1,146
  -1,178
  -1,214
  -1,253
  -1,296
  -1,342
  -1,392
  -1,446
  -1,503
  -1,564
  -1,629
  -1,698
  -1,771
  -1,848
  -1,931
  -2,017
  -2,109
  -2,206
  -2,308
  -2,416
  -2,530
  -2,650
  -2,776
  -2,909
  -3,048
  -3,196
  -3,350
  -3,513
Adjusted assets (=assets-cash), $m
  -1,092
  -1,118
  -1,146
  -1,178
  -1,214
  -1,253
  -1,296
  -1,342
  -1,392
  -1,446
  -1,503
  -1,564
  -1,629
  -1,698
  -1,771
  -1,848
  -1,931
  -2,017
  -2,109
  -2,206
  -2,308
  -2,416
  -2,530
  -2,650
  -2,776
  -2,909
  -3,048
  -3,196
  -3,350
  -3,513
Revenue / Adjusted assets
  -5.032
  -5.028
  -5.031
  -5.032
  -5.030
  -5.032
  -5.030
  -5.031
  -5.030
  -5.028
  -5.029
  -5.029
  -5.029
  -5.029
  -5.029
  -5.031
  -5.029
  -5.031
  -5.030
  -5.030
  -5.031
  -5.031
  -5.030
  -5.029
  -5.030
  -5.030
  -5.031
  -5.029
  -5.030
  -5.030
Average production assets, $m
  12,066
  12,344
  12,661
  13,017
  13,412
  13,845
  14,317
  14,827
  15,377
  15,967
  16,598
  17,272
  17,989
  18,751
  19,560
  20,418
  21,325
  22,284
  23,298
  24,369
  25,498
  26,690
  27,945
  29,268
  30,662
  32,129
  33,673
  35,298
  37,007
  38,805
Working capital, $m
  -4,616
  -4,722
  -4,843
  -4,979
  -5,130
  -5,296
  -5,476
  -5,672
  -5,882
  -6,108
  -6,349
  -6,607
  -6,881
  -7,173
  -7,482
  -7,810
  -8,157
  -8,524
  -8,912
  -9,321
  -9,753
  -10,209
  -10,689
  -11,195
  -11,728
  -12,290
  -12,880
  -13,502
  -14,156
  -14,844
Total debt, $m
  388
  390
  391
  393
  395
  397
  400
  402
  405
  408
  411
  415
  418
  422
  426
  431
  435
  440
  445
  451
  456
  462
  469
  475
  482
  490
  498
  506
  515
  524
Total liabilities, $m
  61
  63
  64
  66
  68
  70
  73
  75
  78
  81
  84
  88
  91
  95
  99
  104
  108
  113
  118
  124
  129
  135
  142
  148
  155
  163
  171
  179
  188
  197
Total equity, $m
  -1,154
  -1,180
  -1,210
  -1,244
  -1,282
  -1,324
  -1,369
  -1,417
  -1,470
  -1,526
  -1,587
  -1,651
  -1,720
  -1,793
  -1,870
  -1,952
  -2,039
  -2,130
  -2,227
  -2,330
  -2,438
  -2,552
  -2,672
  -2,798
  -2,931
  -3,072
  -3,219
  -3,375
  -3,538
  -3,710
Total liabilities and equity, $m
  -1,093
  -1,117
  -1,146
  -1,178
  -1,214
  -1,254
  -1,296
  -1,342
  -1,392
  -1,445
  -1,503
  -1,563
  -1,629
  -1,698
  -1,771
  -1,848
  -1,931
  -2,017
  -2,109
  -2,206
  -2,309
  -2,417
  -2,530
  -2,650
  -2,776
  -2,909
  -3,048
  -3,196
  -3,350
  -3,513
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
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  536
  552
  570
  591
  613
  638
  665
  694
  725
  759
  816
  854
  895
  939
  985
  1,034
  1,085
  1,140
  1,198
  1,259
  1,323
  1,391
  1,463
  1,538
  1,618
  1,701
  1,789
  1,882
  1,979
  2,082
Depreciation, amort., depletion, $m
  1,235
  1,263
  1,294
  1,330
  1,370
  1,413
  1,460
  1,511
  1,566
  1,625
  1,660
  1,727
  1,799
  1,875
  1,956
  2,042
  2,132
  2,228
  2,330
  2,437
  2,550
  2,669
  2,795
  2,927
  3,066
  3,213
  3,367
  3,530
  3,701
  3,881
Funds from operations, $m
  1,771
  1,815
  1,865
  1,921
  1,983
  2,051
  2,125
  2,205
  2,291
  2,384
  2,476
  2,581
  2,694
  2,814
  2,941
  3,075
  3,218
  3,368
  3,528
  3,696
  3,873
  4,060
  4,257
  4,465
  4,684
  4,914
  5,156
  5,412
  5,680
  5,962
Change in working capital, $m
  -91
  -106
  -121
  -136
  -151
  -166
  -180
  -195
  -210
  -226
  -241
  -258
  -274
  -292
  -309
  -328
  -347
  -367
  -388
  -409
  -432
  -456
  -480
  -506
  -533
  -561
  -591
  -622
  -654
  -688
Cash from operations, $m
  1,862
  1,921
  1,986
  2,057
  2,134
  2,216
  2,305
  2,400
  2,502
  2,610
  2,717
  2,839
  2,968
  3,105
  3,250
  3,403
  3,565
  3,735
  3,915
  4,105
  4,305
  4,516
  4,738
  4,971
  5,217
  5,475
  5,747
  6,033
  6,334
  6,650
Maintenance CAPEX, $m
  -1,183
  -1,207
  -1,234
  -1,266
  -1,302
  -1,341
  -1,385
  -1,432
  -1,483
  -1,538
  -1,597
  -1,660
  -1,727
  -1,799
  -1,875
  -1,956
  -2,042
  -2,132
  -2,228
  -2,330
  -2,437
  -2,550
  -2,669
  -2,795
  -2,927
  -3,066
  -3,213
  -3,367
  -3,530
  -3,701
New CAPEX, $m
  -235
  -278
  -317
  -356
  -395
  -433
  -472
  -510
  -550
  -590
  -631
  -674
  -717
  -762
  -809
  -857
  -907
  -960
  -1,014
  -1,070
  -1,130
  -1,191
  -1,256
  -1,323
  -1,393
  -1,467
  -1,544
  -1,625
  -1,709
  -1,798
Cash from investing activities, $m
  -1,418
  -1,485
  -1,551
  -1,622
  -1,697
  -1,774
  -1,857
  -1,942
  -2,033
  -2,128
  -2,228
  -2,334
  -2,444
  -2,561
  -2,684
  -2,813
  -2,949
  -3,092
  -3,242
  -3,400
  -3,567
  -3,741
  -3,925
  -4,118
  -4,320
  -4,533
  -4,757
  -4,992
  -5,239
  -5,499
Free cash flow, $m
  443
  437
  435
  435
  437
  442
  449
  458
  469
  482
  489
  506
  524
  544
  566
  590
  616
  643
  673
  705
  739
  775
  813
  853
  896
  942
  990
  1,041
  1,095
  1,151
Issuance/(repayment) of debt, $m
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
Issuance/(repurchase) of shares, $m
  -23
  -27
  -30
  -34
  -38
  -41
  -45
  -49
  -53
  -56
  -60
  -64
  -69
  -73
  -77
  -82
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -126
  -133
  -140
  -148
  -155
  -163
  -172
Cash from financing (excl. dividends), $m  
  -22
  -26
  -28
  -32
  -36
  -39
  -43
  -46
  -50
  -53
  -57
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -102
  -108
  -114
  -119
  -126
  -133
  -140
  -147
  -154
  -163
Total cash flow (excl. dividends), $m
  422
  412
  406
  402
  402
  403
  407
  412
  419
  429
  432
  445
  459
  475
  493
  512
  534
  557
  581
  608
  636
  667
  699
  734
  770
  809
  850
  894
  940
  989
Retained Cash Flow (-), $m
  23
  27
  30
  34
  38
  41
  45
  49
  53
  56
  60
  64
  69
  73
  77
  82
  87
  92
  97
  102
  108
  114
  120
  126
  133
  140
  148
  155
  163
  172
Prev. year cash balance distribution, $m
  1,131
  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
  11
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
Cash available for distribution, $m
  1,575
  438
  436
  437
  439
  444
  452
  461
  472
  485
  492
  509
  528
  548
  570
  594
  620
  648
  678
  710
  744
  781
  819
  860
  904
  949
  998
  1,049
  1,103
  1,160
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  1,492
  391
  364
  340
  316
  294
  272
  251
  231
  211
  188
  170
  152
  134
  118
  102
  87
  74
  61
  50
  41
  32
  25
  19
  14
  10
  7
  5
  3
  2
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

Host Hotels & Resorts, Inc. (Host Inc.) operates as a self-managed and self-administered real estate investment trust (REIT). The Company operates through hotel ownership segment. The Company operates through hotel ownership segment. The Company owned properties and conducted operations through Host Hotels & Resorts, L.P. (Host L.P.), of which Host Inc. was the general partner and of which it held approximately 99% of the partnership interests (OP units), as of December 31, 2016. As of February 20, 2017, its lodging portfolio consisted of 96 primarily luxury and upper-upscale hotels containing approximately 53,500 rooms, with the majority located in the United States, and with seven of the properties located outside of the United States in Australia, Brazil, Canada and Mexico. In addition, it owns non-controlling interests in two international joint ventures: approximately a 33% interest in a joint venture in Europe, and a 9% indirect interest, through joint ventures in India.

FINANCIAL RATIOS  of  Host Hotels&Resorts (HST)

Valuation Ratios
P/E Ratio 19.6
Price to Sales 2.8
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 11.5
Price to Free Cash Flow 19.1
Growth Rates
Sales Growth Rate 1.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.1%
Cap. Spend. - 3 Yr. Gr. Rate 2.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 52.2%
Total Debt to Equity 52.2%
Interest Coverage 7
Management Effectiveness
Return On Assets 7.8%
Ret/ On Assets - 3 Yr. Avg. 7.2%
Return On Total Capital 7.1%
Ret/ On T. Cap. - 3 Yr. Avg. 6.1%
Return On Equity 10.8%
Return On Equity - 3 Yr. Avg. 9.5%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 30.9%
EBITDA Margin - 3 Yr. Avg. 29.8%
Operating Margin 12.6%
Oper. Margin - 3 Yr. Avg. 12.5%
Pre-Tax Margin 14.9%
Pre-Tax Margin - 3 Yr. Avg. 13.3%
Net Profit Margin 14%
Net Profit Margin - 3 Yr. Avg. 12.7%
Effective Tax Rate 4.9%
Eff/ Tax Rate - 3 Yr. Avg. 2.8%
Payout Ratio 78.2%

HST stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HST stock intrinsic value calculation we used $5387 million for the last fiscal year's total revenue generated by Host Hotels&Resorts. The default revenue input number comes from 2017 income statement of Host Hotels&Resorts. 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 HST 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 5.6%, whose default value for HST is calculated based on our internal credit rating of Host Hotels&Resorts, 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 Host Hotels&Resorts.
    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 HST stock the variable cost ratio is equal to 82.8%.

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 HST 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 54.5% for Host Hotels&Resorts.

Corporate tax rate of 27% is the nominal tax rate for Host Hotels&Resorts. 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 HST stock is equal to 0.2%.

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 HST are equal to 219.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Host Hotels&Resorts 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 HST is equal to -84%. 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 Host Hotels&Resorts - 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 740 million for Host Hotels&Resorts 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 Host Hotels&Resorts at the current share price and the inputted number of shares is $15.0 billion.

RELATED COMPANIES Price Int.Val. Rating
AHT Ashford Hospit 6.45 19.76  str.buy
VNO Vornado Realty 73.50 24.92  str.sell
SOHO Sotherly Hotel 6.98 98.92  str.buy
AHP Ashford Hospit 10.38 11.18  hold
HPT Hospitality Pr 28.38 339.27  str.buy
INN Summit Hotel P 13.50 3.22  str.sell
CHSP Chesapeake Lod 31.77 111.10  str.buy
RLJ RLJ Lodging Tr 21.47 12.94  sell

COMPANY NEWS

▶ Marriott CEO: Starwood sales integration issues aren't widespread   [Aug-08-18 02:53PM  American City Business Journals]
▶ Host Hotels: 2Q Earnings Snapshot   [04:54PM  Associated Press]
▶ One year later: An exclusive interview with JBG Smith's Matt Kelly and David Ritchey   [Jul-18-18 12:13PM  American City Business Journals]
▶ Host Hotels Weighs $2 Billion Hotel-Portfolio Sale   [Jun-27-18 02:38PM  Bloomberg]
▶ ULI hires former Host Hotels CEO as its new global leader   [Jun-13-18 11:24AM  American City Business Journals]
▶ Airbnb is facing a slowdown in growth   [Jun-06-18 12:56PM  Yahoo Finance Video]
▶ Hotel sale comes amid record revenue in Westshore   [05:00AM  American City Business Journals]
▶ Top Dividend Picks For The Day   [May-07-18 09:02AM  Simply Wall St.]
▶ Host Hotels: 1Q Earnings Snapshot   [May-02-18 04:53PM  Associated Press]
▶ 3 Lodging REITs To Help You Sleep Well at Night   [Apr-13-18 07:00AM  Forbes]
▶ Hyatt unloads Union Square hotel as part of $1 billion portfolio sale   [Feb-23-18 04:25PM  American City Business Journals]
▶ Are REITs Back in Vogue? E*TRADE Weighs In   [02:35PM  Investopedia]
▶ Andaz Maui part of Hyatt's $1B portfolio sale to Host   [Feb-22-18 07:25PM  American City Business Journals]
▶ Host Hotels reports 4Q results   [Feb-21-18 05:35PM  Associated Press]
▶ Los Angeles-based investors buy Key Bridge Marriott in Rosslyn   [Jan-22-18 12:15PM  American City Business Journals]
▶ Booz Allen Hamilton to join Host Hotels in move to new Bethesda office tower   [Dec-22-17 12:56PM  American City Business Journals]
▶ Host Hotels to move headquarters to downtown Bethesda   [Dec-21-17 03:59PM  American City Business Journals]
▶ Stocks Generating Improved Relative Strength: Host Hotels & Resorts   [Nov-09-17 03:00AM  Investor's Business Daily]
▶ Host Hotels reports 3Q results   [Nov-01-17 04:45PM  Associated Press]
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