Opinions
Paul Gardner, CFA
Legacy Hotels
LGY.UN-T
DON'T BUY
Jul 07, 2006
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.
$8.190
Stock price when the opinion was issued
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Have some very nice properties, but they are big properties that need very high occupancy rates to make them efficient. Its parent, Fairmont, is being taken over which puts a different valuation on this and are starting to trade closer to their net asset value. Would consider moving out.
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DON'T BUY
Have great assets. Hotel industry went through a very tough period when travel was impacted by 9/11, SARS, etc. It is starting to recover but not as quick as expected. This company relies on US travellers coming to Canada but the strong Canadian$ is impacting this. Could do better in other trusts.
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