InnVest Reit (INN.UN.TO) Buy, Sell or Hold

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Daily Stock Opinions and Ratings

InnVest Reit (INN.UN.TO)

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BUY

Primarily limited service hotels. Focused in the GTA. Strong management team.

BUY

Medium level hotels across the country. 8% yield, which seems to be sustainable. Probably slow growth.

PAST TOP PICK

(A Top Pick May 19/06. Up 10.4%.) Did well and has a good management team. Looking to expand in the limited hotel space. Not sure if some of the hotel REITs will survive. Sell.

TOP PICK

Operate Travel Lodge, Holiday Inn, Radisson, etc. limited service hotels. Concentrated in southern Ontario. Focused on controlling costs.

DON'T BUY

Off because one of their convertible debentures is being redeemed which has probably created some short selling. The hotel industry has performed pretty well the last 3 quarters. Would prefer others.

TOP PICK

Owns half of Choice Hotels. Likes it for the downside protection. A good defensive REIT. Yield of 9.1%. Suffered some margin compression in the last quarter because of higher energy costs, wages and salaries. His only concern is the distributions over weighs the funds from operations.

TOP PICK

Doesn't think anything is cheap, so his Top Picks are names that have underperformed and can be looked at. This one has about a 9% yield. Tourist industry downtown has been down, but the suburban area has been doing very well. High yield. Need to internalize the management.

BUY

Accretive which is good.

DON'T BUY

Nightly tenancy can be a problem when there are major events. Currently experiencing the high Cdn$. The RevPar growth (revenue per available room) is highly correlated to GDP growth. Although in a recovery stage, doesn't expect their performance to outpace GDP.

TRADE

Hotel REIT's are the highest risks because of nightly tenant leases rather than long term leases. Feels distribution is safe.

TOP PICK

2003 was a difficult period, so they cut costs and in the last couple of quarters average room rates have been going up. Revenue per room and occupancy have been rising. 10% yield. Lots of upside.

BUY

Has only returned about 2% this year. Have very good partners and sponsorship. Will be affected by the Canadian$ and tourism.

TOP PICK

(Past top pick Mar 26/04. No change.) Has good brand names. 10% yield. Cut costs and pushed technology forward. Hotel business is improving.

TOP PICK

Feels the hotel industry in total is going to see very good fundamentals over the next 12 months.

DON'T BUY

Have to be careful on real estate, because the yields have been bid down to a low level. Any interest rate increase could hurt. Expect volatility because of short leases.

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Most Recent Experts

Larry Berman CFA, CMT, CTA

ETF Capital Management Inc.

Ryan Bushell

Newhaven Asset Management

Rick Rule

Rule Investment Media

Chris Blumas

at Raymond James Investment Counsel Ltd.

The Panic-Proof Portfolio (Stockchase Research)

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InnVest Reit (INN.UN.TO)