Opinions
Charles Dillingham
Holloway Lodging
HLC-T
HOLD
Jun 02, 2008
A group of 4 or 5 investors own over 50% so there is a chance it gets taken out.
$3.990
Stock price when the opinion was issued
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COMMENT
Limited service hotels primarily in Western Canada. Big exposure to natural gas areas so occupancy is down. Cut distributions and it is now at a level where they can pay distributions, pay the amortization on debt and fund their CapX internally. Sustainable at these levels. Lodging and seniors housing REITs will cease to be REITs by the end of 2010. The company should survive.
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COMMENT
Limited service hotels. Huge exposure to Grand Prairie Alberta, a gas town. If you expect gas to recover, this is a name that will benefit. Need more drilling activity and drilling crews staying at their hotels. Quite a bit of debt outstanding that needs refinancing. If a long-term investor and comfortable owning small caps, you'll make some money going forward. Better names available.
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