Opinions
Dennis Mitchell, CFA
Lakeview Hotel Investment
LHR-X
DON'T BUY
Jun 03, 2009
Limited service hotels with a big exposure to Western Canada. Has taken it on the chin because of weak gas prices. If you own you are probably sitting on dead money until the economy recovers.
$0.370
Stock price when the opinion was issued
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COMMENT
Focused on limited service hotels, secondary markets in Western Canada. If you are concerned about the slowdown and drilling volumes in Western Canada, you shouldn't add to this one. Trades at a huge discount to NAV and offers a very compelling yield. Good management team.
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BUY
Limited service hotels, primarily in Western Canada but expanding throughout the nation. About an 85% payout ratio. Would like to see them lower their leverage a little bit. Doesn't have a lot of debt coming up for renewal so is not subject to a squeeze. Good strong management team.
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