Opinions
Blair Wilson
Legacy Hotels
LGY.UN-T
BUY
Jan 18, 2005
As a result of weaker sales because of weaker tourism they cut their distributions in order to maintain their operations. Now turning around. Has a sector outperform with a high risk caveat.
$7.100
Stock price when the opinion was issued
property mngmnt
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SELL
Have some very nice properties, but they are big properties that need very high occupancy rates to make them efficient. Its parent, Fairmont, is being taken over which puts a different valuation on this and are starting to trade closer to their net asset value. Would consider moving out.
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DON'T BUY
Have great assets. Hotel industry went through a very tough period when travel was impacted by 9/11, SARS, etc. It is starting to recover but not as quick as expected. This company relies on US travellers coming to Canada but the strong Canadian$ is impacting this. Could do better in other trusts.
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