Opinions
Ben Stadelmann
Legacy Hotels
LGY.UN-T
DON'T BUY
Jan 30, 2006
If you don't continually put money into your hotel, the property will lose its appeal to attract customers. This happened in this case. Dropping its distribution which is realistic on their part.
$8.150
Stock price when the opinion was issued
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Have some very nice properties, but they are big properties that need very high occupancy rates to make them efficient. Its parent, Fairmont, is being taken over which puts a different valuation on this and are starting to trade closer to their net asset value. Would consider moving out.
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DON'T BUY
Have great assets. Hotel industry went through a very tough period when travel was impacted by 9/11, SARS, etc. It is starting to recover but not as quick as expected. This company relies on US travellers coming to Canada but the strong Canadian$ is impacting this. Could do better in other trusts.
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