Opinions

Robert Lauzon Legacy Hotels LGY.UN-T SELL Mar 24, 2006

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.

Robert Lauzon

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$8.470

Stock price when the opinion was issued

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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.

COMMENT

Great assets with high occupancy rates. There is a possibility you could see a corporate event here.

DON'T BUY

Dislikes the luxury hotel area. If there is a recession in the US, these things will get hit. Struggled for a number of years with their high payout distribution.

HOLD

About half their hotels are good quality Fairbourne brands. The other half are Delta. There is a good chance it will be taken out.

HOLD

No real excitement here.

BUY

A big part of its revenue are services in the hotels so it will have a tax situation. A value investment. Low yield at the moment. Will probably be acquired. Relatively safe.

COMMENT

A wonderful asset and looks like it is going to be taken out. There might be $.75 to $1 more, but if you own, consider taking some profit.

COMMENT

Market is expecting this to be taken out. Good assets. Sold his holdings when the price went up. It could possibly yield another $1 if you hold. Not a Buy.

HOLD

Being acquired by Caisse de depot.

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Robert Lauzon Legacy Hotels LGY.UN-T SELL Mar 24, 2006

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