Opinions
Leslie Lundquist
Legacy Hotels
LGY.UN-T
DON'T BUY
Jul 22, 2005
2nd quarter results were not as strong as many had expected. The recovery in the hotel industry has not turned out as well as they wanted. Doesn't expect any distribution increases this year.
$7.050
Stock price when the opinion was issued
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Have some very nice properties, but they are big properties that need very high occupancy rates to make them efficient. Its parent, Fairmont, is being taken over which puts a different valuation on this and are starting to trade closer to their net asset value. Would consider moving out.
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DON'T BUY
Have great assets. Hotel industry went through a very tough period when travel was impacted by 9/11, SARS, etc. It is starting to recover but not as quick as expected. This company relies on US travellers coming to Canada but the strong Canadian$ is impacting this. Could do better in other trusts.
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