| Comment | 9.250 | Dennis Mitchell, CFA | Limited service hotels, primarily in Ontario and Quebec. Hasn’t been a big fan of this one. Assets are a little older and they’ve had some operational issues with their Western assets. There are some strategic questions about what they are going to be going forward. Distribution is sustainable and it is definitely undervalued. | 2008-02-29 | |
| DON'T BUY | 9.350 | Dennis Mitchell, CFA | Limited service hotels. Recently did a transaction, which helped privatize Legacy REITs. Portfolio is in a state of flux. Not a core name for him. Go after the blue chips instead. | 2008-01-14 | |
| Comment | 10.150 | Dennis Mitchell, CFA | Largely limited hotels in secondary markets, more in Ontario and Quebec. Recently participated along with the Caisse and a US group, to take Legacy REIT (LGY.UN-T) private. The question is, are they going to focus on high rent properties, run a diversified portfolio and where are they headed strategically? Thinks it's worth more than what it is trading for, but you may want to diversify into another sector or another name. 10.9% yield. | 2007-12-07 | |
| DON'T BUY | 10.350 | Kevin Hall BComm, CFA | One of the few remaining hotel focused trusts left in Canada. Upgraded their portfolio by acquiring some assets from the former Legacy Income Trust. Suffering from the headwind in the economy and the strong Cdn$. Tough to get too excited in the short term. | 2007-12-04 | |
| HOLD | 10.280 | Michele Robitaille | (Market Call Minute.) There will be more cyclicality with the acquisition of Legacy, which increased their exposure to mid-level hotels. | 2007-11-28 | |
| Comment | 12.500 | Chris Rankin, MBA, CFA | One of the cheaper, larger hotel REITs. With the acquisition of Legacy (LGY.UN-T) they will own 11 hotels and will have about 26% of the acquisition. Expect all the hotel REITs will be taken out over the next couple of years. | 2007-07-13 | |
| DON'T BUY | 14.100 | Paul Gardner, CFA | Own about 180 lower tier hotel properties. They have tremendous ability to increase their accommodations rates. The problem is that capital expenditures to maintain the properties is very expensive. Also, the stronger Cdn$ is killing the US traveler. | 2007-05-17 | |
| BUY | 14.320 | Dennis Mitchell, CFA | Based in Ontario and Quebec. Great management team, but they don't do much with them. Their properties are starting to get old which is a slight concern, but otherwise has no problem with them. | 2007-05-05 | |
| Comment | 13.700 | Charles Dillingham | Non-service hotels. Room occupancy is down, but room rates are up. Yield is relatively high. The sector has a lot of uncertainty in it. | 2007-04-11 | |
| BUY | 13.910 | Dennis Mitchell, CFA | Primarily limited service hotels. Focused in the GTA. Strong management team. | 2007-04-03 | |
| BUY | 13.850 | Charles Dillingham | Medium level hotels across the country. 8% yield, which seems to be sustainable. Probably slow growth. | 2007-01-12 | |
| PAST TOP PICK | 13.170 | Ben Cheng | (A Top Pick May 19/06. Up 10.4%.) Did well and has a good management team. Looking to expand in the limited hotel space. Not sure if some of the hotel REITs will survive. Sell. | 2006-12-01 | |
| TOP PICK | 11.990 | Ben Cheng | Operate Travel Lodge, Holiday Inn, Radisson, etc. limited service hotels. Concentrated in southern Ontario. Focused on controlling costs. | 2006-05-19 | |
| DON'T BUY | 11.950 | Robert Lauzon | Off because one of their convertible debentures is being redeemed which has probably created some short selling. The hotel industry has performed pretty well the last 3 quarters. Would prefer others. | 2006-05-18 | |
| TOP PICK | 12.150 | Paul Gardner, CFA | Owns half of Choice Hotels. Likes it for the downside protection. A good defensive REIT. Yield of 9.1%. Suffered some margin compression in the last quarter because of higher energy costs, wages and salaries. His only concern is the distributions over weighs the funds from operations. | 2005-11-17 | |
| TOP PICK | 12.500 | Charles Dillingham | Doesn't think anything is cheap, so his Top Picks are names that have underperformed and can be looked at. This one has about a 9% yield. Tourist industry downtown has been down, but the suburban area has been doing very well. High yield. Need to internalize the management. | 2005-08-08 | |
| BUY | 12.310 | Gail Mifsud | Accretive which is good. | 2005-07-05 | |
| DON'T BUY | 11.150 | Gail Mifsud | Nightly tenancy can be a problem when there are major events. Currently experiencing the high Cdn$. The RevPar growth (revenue per available room) is highly correlated to GDP growth. Although in a recovery stage, doesn't expect their performance to outpace GDP. | 2004-12-10 | |
| VAGUE | 11.020 | Gail Mifsud | Hotel REIT's are the highest risks because of nightly tenant leases rather than long term leases. Feels distribution is safe. | 2004-10-22 | |
| TOP PICK | 10.950 | Paul Harris, CFA | 2003 was a difficult period, so they cut costs and in the last couple of quarters average room rates have been going up. Revenue per room and occupancy have been rising. 10% yield. Lots of upside. | 2004-09-17 | |
| BUY | 11.050 | Charles Dillingham | Has only returned about 2% this year. Have very good partners and sponsorship. Will be affected by the Canadian$ and tourism. | 2004-08-20 | |
| TOP PICK | 11.000 | Paul Harris, CFA | (Past top pick Mar 26/04. No change.) Has good brand names. 10% yield. Cut costs and pushed technology forward. Hotel business is improving. | 2004-07-23 | |
| TOP PICK | 11.240 | Ben Cheng | Feels the hotel industry in total is going to see very good fundamentals over the next 12 months. | 2004-07-15 | |
| DON'T BUY | 10.700 | Allan Meyer | Have to be careful on real estate, because the yields have been bid down to a low level. Any interest rate increase could hurt. Expect volatility because of short leases. | 2004-04-12 | |
| TOP PICK | 11.050 | Paul Harris, CFA | The largest owner of hotels in Canada. Good brand names. Expects the hotel industry will be much better this year. Have a better cost structure now. 10% yield. | 2004-03-26 | |
| TOP PICK | 9.180 | Charles Dillingham | Seeing some indications that the economy is improving a bit.Expects they will be the hotel chain, which will hang in there.12.25% yield | 2003-08-01 | |
| TOP PICK | 9.460 | Charles Dillingham | Good cash reserve. Hopeful that hotel business will pick up. | 2003-07-18 | |
| DON'T BUY | 8.190 | Peter Brieger | The hotel business is a terrible one. Its either poverty or harvest. | 2003-04-23 | |
| TOP PICK | 8.800 | Sandy McIntyre | In spite of downtrend in business travel, thinks that their style of motels will still be in need for the general public over the long term. Travel should pick up again. | 2003-04-17 | |
| WEAK BUY | 8.600 | Kevin O'Leary | Not a fan of individual REITs. Buy a basket of them instead for diversification. Prices are down. | 2003-04-10 | |
| DON'T BUY | 8.360 | Garth Jestley | Not a fan of the hotel business. | 2003-04-02 | |
| WEAK BUY | 9.600 | Sandy McIntyre | In the most volatile area of the real estate sector. In the recovery stage now. Have to watch. | 2003-01-23 | |
| BUY | 9.690 | Sandy McIntyre | Concerns on hotel business waas overblown. | 2003-01-09 | |
Experts that have talked about InnVest Reit
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