Date updated:07-07-2007
From Barron's 7-9-07:
"Last week, the hotel empire that Conrad founded welcomed an all-cash $26 billion offer to be taken private by the Blackstone Group (BX). And the market's reaction suggests it expects many more such advances to be made.
Hotel stocks across the world jumped as speculators declared open season on big hotel brands. Blackstone's 47.50-a-share bid pegs Hilton (HLT) at about 13.5 times 2008 Ebitda, or earnings before interest, taxes, depreciation and amortization. Analysts applying that multiple to Starwood Hotels & Resorts Worldwide (HOT), for example, arrived at a price of about 82, and shares promptly climbed 8% Thursday to 74.50. Even Marriott International (MAR), family-controlled and thought less susceptible to buyouts, saw its shares rise 7%. Host Hotels (HST) jumped 10%."
"Susquehanna analyst Robert LaFleur has argued that hotels look like a risk-adjusted bargain, relative to other assets like office buildings, malls and apartments. "The bottom line is that there continues to be a big gap between private market and public market valuations," he notes."

-
HOT
Starwood Hotels&r - $31.60
- -2.35%
- $31.09
From Barron's 7-9-07: "Analysts applying that multiple to Starwood Hotels & Resorts Worldwide (HOT), for example, arrived at a price of about 82, and shares promptly climbed 8% Thursday to 74.50."

-
MAR
Marriot Int Cl A - $25.26
- -2.58%
- $25.16
From Barron's 7-9-07: "Even Marriott International (MAR), family-controlled and thought less susceptible to buyouts, saw its shares rise 7%."

-
HST
Host Hotels & Res - $10.06
- -2.42%
- $9.98
From Barron's 7-9-07: "Host Hotels (HST) jumped 10%."

-
OEH
Orient-express Ho - $8.28
- -3.94%
- $8.37
From Barron's 7-9-07: "The big brands benefit most from the extended cycle not only because they have the best existing supply, but also because they're bringing on the kind of supply that can best generate longer-term growth," Sam Lieber, president of Alpine Mutual Funds, says. He favors Starwood, Marriott, Orient Express (OEH)."

-
HLT
Hlt - $0.00
- N/A
- $N/A
From Barron's 7-9-07: "Blackstone's 47.50-a-share bid pegs Hilton (HLT) at about 13.5 times 2008 Ebitda, or earnings before interest, taxes, depreciation and amortization."
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