Intrinsic value of Sunstone Hotel Investors - SHO

Previous Close

$15.05

  Intrinsic Value

$2.78

stock screener

  Rating & Target

str. sell

-82%

Previous close

$15.05

 
Intrinsic value

$2.78

 
Up/down potential

-82%

 
Rating

str. sell

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

We calculate the intrinsic value of SHO 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 0001), $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 3.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

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
  1,218
  1,246
  1,278
  1,313
  1,353
  1,397
  1,445
  1,496
  1,552
  1,611
  1,675
  1,743
  1,815
  1,892
  1,974
  2,060
  2,152
  2,249
  2,351
  2,459
  2,573
  2,693
  2,820
  2,953
  3,094
  3,242
  3,398
  3,562
  3,734
  3,915
Variable operating expenses, $m
  1,024
  1,047
  1,074
  1,105
  1,138
  1,175
  1,215
  1,258
  1,305
  1,355
  1,408
  1,466
  1,527
  1,591
  1,660
  1,733
  1,810
  1,891
  1,977
  2,068
  2,164
  2,265
  2,371
  2,484
  2,602
  2,726
  2,857
  2,995
  3,140
  3,293
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
  1,024
  1,047
  1,074
  1,105
  1,138
  1,175
  1,215
  1,258
  1,305
  1,355
  1,408
  1,466
  1,527
  1,591
  1,660
  1,733
  1,810
  1,891
  1,977
  2,068
  2,164
  2,265
  2,371
  2,484
  2,602
  2,726
  2,857
  2,995
  3,140
  3,293
Operating income, $m
  194
  198
  203
  209
  215
  222
  230
  238
  247
  256
  266
  277
  289
  301
  314
  328
  342
  358
  374
  391
  409
  428
  448
  470
  492
  515
  540
  566
  594
  623
EBITDA, $m
  352
  361
  370
  380
  392
  404
  418
  433
  449
  466
  485
  505
  525
  548
  571
  596
  623
  651
  681
  712
  745
  780
  816
  855
  896
  938
  984
  1,031
  1,081
  1,134
Interest expense (income), $m
  50
  55
  56
  58
  59
  62
  64
  67
  69
  72
  76
  79
  83
  87
  91
  96
  101
  106
  112
  117
  123
  130
  137
  144
  151
  159
  168
  176
  186
  196
  206
Earnings before tax, $m
  139
  142
  146
  149
  154
  158
  163
  168
  174
  180
  187
  194
  201
  209
  218
  227
  236
  246
  256
  268
  279
  292
  305
  318
  333
  348
  364
  381
  398
  417
Tax expense, $m
  38
  38
  39
  40
  41
  43
  44
  45
  47
  49
  50
  52
  54
  57
  59
  61
  64
  66
  69
  72
  75
  79
  82
  86
  90
  94
  98
  103
  108
  113
Net income, $m
  102
  104
  106
  109
  112
  115
  119
  123
  127
  132
  136
  142
  147
  153
  159
  165
  172
  180
  187
  195
  204
  213
  222
  232
  243
  254
  266
  278
  291
  304

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
  3,602
  3,685
  3,780
  3,886
  4,004
  4,133
  4,274
  4,426
  4,590
  4,766
  4,955
  5,156
  5,370
  5,598
  5,839
  6,095
  6,366
  6,652
  6,955
  7,275
  7,612
  7,967
  8,342
  8,737
  9,153
  9,591
  10,052
  10,537
  11,047
  11,584
Adjusted assets (=assets-cash), $m
  3,602
  3,685
  3,780
  3,886
  4,004
  4,133
  4,274
  4,426
  4,590
  4,766
  4,955
  5,156
  5,370
  5,598
  5,839
  6,095
  6,366
  6,652
  6,955
  7,275
  7,612
  7,967
  8,342
  8,737
  9,153
  9,591
  10,052
  10,537
  11,047
  11,584
Revenue / Adjusted assets
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
Average production assets, $m
  3,194
  3,267
  3,351
  3,445
  3,550
  3,664
  3,789
  3,924
  4,070
  4,226
  4,393
  4,571
  4,761
  4,963
  5,177
  5,404
  5,644
  5,898
  6,166
  6,450
  6,748
  7,064
  7,396
  7,746
  8,115
  8,503
  8,912
  9,342
  9,794
  10,270
Working capital, $m
  -69
  -71
  -73
  -75
  -77
  -80
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -108
  -112
  -117
  -123
  -128
  -134
  -140
  -147
  -154
  -161
  -168
  -176
  -185
  -194
  -203
  -213
  -223
Total debt, $m
  1,035
  1,065
  1,101
  1,140
  1,184
  1,233
  1,285
  1,342
  1,403
  1,469
  1,539
  1,614
  1,694
  1,779
  1,869
  1,964
  2,065
  2,172
  2,285
  2,404
  2,530
  2,663
  2,803
  2,950
  3,105
  3,268
  3,440
  3,621
  3,812
  4,012
Total liabilities, $m
  1,344
  1,374
  1,410
  1,449
  1,493
  1,542
  1,594
  1,651
  1,712
  1,778
  1,848
  1,923
  2,003
  2,088
  2,178
  2,273
  2,375
  2,481
  2,594
  2,713
  2,839
  2,972
  3,112
  3,259
  3,414
  3,577
  3,749
  3,930
  4,121
  4,321
Total equity, $m
  2,259
  2,310
  2,370
  2,437
  2,510
  2,591
  2,680
  2,775
  2,878
  2,989
  3,107
  3,233
  3,367
  3,510
  3,661
  3,822
  3,991
  4,171
  4,361
  4,561
  4,773
  4,996
  5,231
  5,478
  5,739
  6,014
  6,303
  6,607
  6,927
  7,263
Total liabilities and equity, $m
  3,603
  3,684
  3,780
  3,886
  4,003
  4,133
  4,274
  4,426
  4,590
  4,767
  4,955
  5,156
  5,370
  5,598
  5,839
  6,095
  6,366
  6,652
  6,955
  7,274
  7,612
  7,968
  8,343
  8,737
  9,153
  9,591
  10,052
  10,537
  11,048
  11,584
Debt-to-equity ratio
  0.460
  0.460
  0.460
  0.470
  0.470
  0.480
  0.480
  0.480
  0.490
  0.490
  0.500
  0.500
  0.500
  0.510
  0.510
  0.510
  0.520
  0.520
  0.520
  0.530
  0.530
  0.530
  0.540
  0.540
  0.540
  0.540
  0.550
  0.550
  0.550
  0.550
Adjusted equity ratio
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627
  0.627

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  102
  104
  106
  109
  112
  115
  119
  123
  127
  132
  136
  142
  147
  153
  159
  165
  172
  180
  187
  195
  204
  213
  222
  232
  243
  254
  266
  278
  291
  304
Depreciation, amort., depletion, $m
  159
  163
  167
  171
  177
  182
  189
  195
  202
  210
  219
  227
  237
  247
  258
  269
  281
  293
  307
  321
  336
  351
  368
  385
  404
  423
  443
  465
  487
  511
Funds from operations, $m
  260
  266
  273
  280
  289
  298
  308
  318
  330
  342
  355
  369
  384
  400
  417
  434
  453
  473
  494
  516
  540
  564
  590
  618
  647
  677
  709
  743
  778
  815
Change in working capital, $m
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
Cash from operations, $m
  262
  268
  275
  283
  291
  300
  310
  321
  333
  345
  359
  373
  388
  404
  421
  439
  458
  479
  500
  522
  546
  571
  597
  625
  655
  685
  718
  752
  788
  826
Maintenance CAPEX, $m
  -156
  -159
  -163
  -167
  -171
  -177
  -182
  -189
  -195
  -202
  -210
  -219
  -227
  -237
  -247
  -258
  -269
  -281
  -293
  -307
  -321
  -336
  -351
  -368
  -385
  -404
  -423
  -443
  -465
  -487
New CAPEX, $m
  -61
  -73
  -84
  -94
  -104
  -115
  -125
  -135
  -146
  -156
  -167
  -178
  -190
  -202
  -214
  -227
  -240
  -254
  -268
  -283
  -299
  -315
  -332
  -350
  -369
  -388
  -409
  -430
  -452
  -476
Cash from investing activities, $m
  -217
  -232
  -247
  -261
  -275
  -292
  -307
  -324
  -341
  -358
  -377
  -397
  -417
  -439
  -461
  -485
  -509
  -535
  -561
  -590
  -620
  -651
  -683
  -718
  -754
  -792
  -832
  -873
  -917
  -963
Free cash flow, $m
  45
  36
  28
  22
  15
  9
  3
  -2
  -8
  -13
  -19
  -24
  -29
  -34
  -40
  -45
  -51
  -56
  -62
  -68
  -74
  -80
  -86
  -93
  -100
  -107
  -114
  -122
  -129
  -138
Issuance/(repayment) of debt, $m
  25
  31
  35
  40
  44
  48
  53
  57
  61
  66
  70
  75
  80
  85
  90
  95
  101
  107
  113
  119
  126
  133
  140
  147
  155
  163
  172
  181
  190
  200
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  3
  5
  8
  10
  13
  15
  18
  21
  24
  26
  29
  32
Cash from financing (excl. dividends), $m  
  25
  31
  35
  40
  44
  48
  53
  57
  61
  66
  70
  75
  80
  85
  90
  95
  101
  107
  116
  124
  134
  143
  153
  162
  173
  184
  196
  207
  219
  232
Total cash flow (excl. dividends), $m
  69
  66
  64
  61
  59
  57
  56
  54
  53
  52
  52
  51
  51
  50
  50
  50
  50
  51
  54
  56
  60
  63
  66
  70
  74
  77
  81
  86
  90
  95
Retained Cash Flow (-), $m
  -42
  -52
  -59
  -67
  -74
  -81
  -88
  -96
  -103
  -110
  -118
  -126
  -134
  -143
  -151
  -160
  -170
  -180
  -190
  -200
  -211
  -223
  -235
  -248
  -261
  -275
  -289
  -304
  -320
  -337
Prev. year cash balance distribution, $m
  317
  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
  345
  15
  4
  -5
  -15
  -24
  -33
  -41
  -50
  -58
  -67
  -75
  -84
  -92
  -101
  -110
  -119
  -129
  -136
  -144
  -152
  -160
  -169
  -178
  -187
  -197
  -208
  -218
  -230
  -242
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  331
  13
  4
  -5
  -11
  -17
  -22
  -26
  -29
  -30
  -32
  -32
  -32
  -31
  -30
  -28
  -26
  -24
  -21
  -18
  -16
  -13
  -11
  -9
  -7
  -6
  -4
  -3
  -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
  99.9
  99.7
  99.6
  99.4
  99.2
  99.0
  98.7
  98.4
  98.1
  97.8
  97.4

Sunstone Hotel Investors, Inc. operates as a self-managed and self-administered real estate investment trust. The Company's primary business is to acquire, own, asset manage and renovate primarily urban and resort upper upscale hotels in the United States. It operates through hotel ownership segment. It owns primarily urban and resort upper upscale hotels in the United States. The Company’s hotels are operated under nationally recognized brands, such as Marriott, Hilton and Hyatt. As of July 26, 2017 the Company has interest in 27 hotels, including 13,202 rooms. The Company's hotels are located in gateway markets, such as Boston, New York, Washington, District of Columbia (DC)/Baltimore, Chicago, Orlando, New Orleans, San Francisco, Los Angeles, Orange County and San Diego.

FINANCIAL RATIOS  of  Sunstone Hotel Investors (SHO)

Valuation Ratios
P/E Ratio 24.7
Price to Sales 2.8
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 10.9
Price to Free Cash Flow 10.9
Growth Rates
Sales Growth Rate -4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate -66.2%
Financial Strength
Quick Ratio 2
Current Ratio 0.4
LT Debt to Equity 30.7%
Total Debt to Equity 38.1%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.8%
Ret/ On Assets - 3 Yr. Avg. 6.5%
Return On Total Capital 3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 5.4%
Return On Equity 5.6%
Return On Equity - 3 Yr. Avg. 8.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 63.7%
Gross Margin - 3 Yr. Avg. 63.7%
EBITDA Margin 29.8%
EBITDA Margin - 3 Yr. Avg. 34.3%
Operating Margin 14.3%
Oper. Margin - 3 Yr. Avg. 13.9%
Pre-Tax Margin 11.8%
Pre-Tax Margin - 3 Yr. Avg. 15.4%
Net Profit Margin 11.3%
Net Profit Margin - 3 Yr. Avg. 15.4%
Effective Tax Rate -0.7%
Eff/ Tax Rate - 3 Yr. Avg. -0.1%
Payout Ratio 169.4%

SHO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SHO stock intrinsic value calculation we used $1193.638 million for the last fiscal year's total revenue generated by Sunstone Hotel Investors. The default revenue input number comes from 0001 income statement of Sunstone Hotel Investors. 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 SHO 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 4.3%, whose default value for SHO is calculated based on our internal credit rating of Sunstone Hotel Investors, 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 Sunstone Hotel Investors.
    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 SHO stock the variable cost ratio is equal to 84.1%.

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 SHO 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 Sunstone Hotel Investors.

Corporate tax rate of 27% is the nominal tax rate for Sunstone Hotel Investors. 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 SHO 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 SHO are equal to 262.3%.

Life of production assets of 20.1 years is the average useful life of capital assets used in Sunstone Hotel Investors 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 SHO is equal to -5.7%. 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 - $2533.738 million for Sunstone Hotel Investors - 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 228.247 million for Sunstone Hotel Investors 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 Sunstone Hotel Investors at the current share price and the inputted number of shares is $3.4 billion.

RELATED COMPANIES Price Int.Val. Rating
H Hyatt Hotels 70.43 36.00  str.sell
MAR Marriott Inter 118.31 89.80  sell
HLT Hilton Worldwi 72.89 85.01  hold

COMPANY NEWS

▶ Sunstone Hotel: 3Q Earnings Snapshot   [08:15AM  Associated Press]
▶ Sunstone Hotel: 2Q Earnings Snapshot   [05:07PM  Associated Press]
▶ Sunstone Hotel Investors Getting Closer To Key Technical Benchmark   [May-24-18 03:00AM  Investor's Business Daily]
▶ Sunstone Hotel: 1Q Earnings Snapshot   [May-07-18 04:45PM  Associated Press]
▶ 3 Lodging REITs To Help You Sleep Well at Night   [Apr-13-18 07:00AM  Forbes]
▶ New Strong Sell Stocks for February 15th   [Feb-15-18 07:57AM  Zacks]
▶ Sunstone Hotel Investors, Inc. to Host Earnings Call   [Feb-13-18 09:00AM  ACCESSWIRE]
▶ Sunstone Hotel reports 4Q results   [Feb-12-18 04:35PM  Associated Press]
▶ 3 Preferred Stocks That Earn You 6%-Plus   [Jan-24-18 09:28AM  InvestorPlace]
▶ Sunstone Hotel reports 3Q results   [Oct-30-17 04:39PM  Associated Press]
▶ 5 REITs That Are Just Right for Retirement   [Oct-27-17 05:56AM  Harvest Exchange]
▶ Five Hotels To Buy Despite Industry Oversupply Woes   [Oct-02-17 09:54AM  Barrons.com]
▶ Lodging Selloff Looks Overdone   [Sep-08-17 11:11AM  Barrons.com]
▶ Sunstone Hotel reports 2Q results   [Aug-01-17 10:00PM  Associated Press]

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