| HOLD | 12.450 | Chris Rankin, MBA, CFA | Being acquired by Caisse de depot. | 2007-07-13 | |
| Comment | 14.290 | Charles Dillingham | 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. | 2007-05-07 | |
| Comment | 13.990 | Charles Dillingham | A wonderful asset and looks like it is going to be taken out. There might be $.75 to $1 more, but if you own, consider taking some profit. | 2007-04-11 | |
| BUY | 9.410 | Charles Dillingham | A big part of its revenue are services in the hotels so it will have a tax situation. A value investment. Low yield at the moment. Will probably be acquired. Relatively safe. | 2007-01-12 | |
| HOLD | 9.490 | David Baskin | No real excitement here. | 2007-01-10 | |
| HOLD | 9.110 | Robert Lauzon | About half their hotels are good quality Fairbourne brands. The other half are Delta. There is a good chance it will be taken out. | 2006-11-24 | |
| DON'T BUY | 8.190 | Paul Gardner, CFA | Dislikes the luxury hotel area. If there is a recession in the US, these things will get hit. Struggled for a number of years with their high payout distribution. | 2006-07-07 | |
| Comment | 7.920 | Sandy McIntyre | Great assets with high occupancy rates. There is a possibility you could see a corporate event here. | 2006-05-12 | |
| DON'T BUY | 7.920 | Kevin Hall BComm, CFA | Have great assets. Hotel industry went through a very tough period when travel was impacted by 9/11, SARS, etc. It is starting to recover but not as quick as expected. This company relies on US travellers coming to Canada but the strong Canadian$ is impacting this. Could do better in other trusts. | 2006-05-05 | |
| SELL | 8.470 | Robert Lauzon | 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. | 2006-03-24 | |
| DON'T BUY | 8.150 | Ben Stadelmann | If you don't continually put money into your hotel, the property will lose its appeal to attract customers. This happened in this case. Dropping its distribution which is realistic on their part. | 2006-01-30 | |
| WEAK BUY | 7.650 | Charles Dillingham | Has had a lot of debate. Has been doing better recently. More of a value stock rather than a yield. Underlying value could be in the area of $9. Has the same problems that a lot of hotels have, i.e., US visitors are not coming up like before. If it got around $8.50, he would look at selling it. | 2005-12-16 | |
| PAST TOP PICK | 7.400 | Gail Mifsud | (A Top Pick March 11/05. Up 2%. If you add in the distribution, you’re up about 7%.) Was selected in anticipation of renewed travelling during the summer months. It didn't happen. | 2005-11-25 | |
| DON'T BUY | 7.050 | Leslie Lundquist | 2nd quarter results were not as strong as many had expected. The recovery in the hotel industry has not turned out as well as they wanted. Doesn't expect any distribution increases this year. | 2005-07-22 | |
| WEAK BUY | 7.300 | Gail Mifsud | Has an outperform rating on this. Basically trading at book value. Have a very high calibre portfolio. Hotel business has had 3 very tough years. Will have to be patient. | 2005-07-05 | |
| DON'T BUY | 7.050 | Dan Bastasic | The premier hotel owner in Canada. A lot of asset quality in terms of their location. Hit by both 9/11 and Sars. Have really struggled to recover. They are under distributing in terms of where their cash flow is today. A lttle bit worried by this trust. Their track record hasn't been the greatest. Hotel REITs are high risk because length of their lease is typically one day or one week. | 2005-05-27 | |
| BUY | 6.650 | Charles Dillingham | Because of SARS, etc. they had to cut their distribution to virtually nothing and has brought it back in, in a small way and yields 4.81%. A good long term hold. Hotels are definitely improving. | 2005-05-12 | |
| DON'T BUY | 7.100 | Matt Baillie | Holds the assets that Fairmount Hotels (FHR-T) manages. Fairmount still has a number of assets that it will sell into the Legacy trust. Not a bad REIT for the hotel business. Has some stunning irreplaceable assets. Hotel business is a very difficult and unstable business. Higher Cdn$ means less US visitors and more Canadians going out of the country for vacations. | 2005-03-16 | |
| TOP PICK | 7.200 | Gail Mifsud | In looking at the assests it is currently trading at a discount. looking at double digit growth over the next couple of years, high single digit growth this year. | 2005-03-11 | |
| DON'T BUY | 7.160 | Gail Mifsud | Owns a very high quality portfolio of assets. From a net asset value basis, the stock is cheap, however the Cdn$ is a factor. | 2005-01-21 | |
| BUY | 7.100 | Blair Wilson | As a result of weaker sales because of weaker tourism they cut their distributions in order to maintain their operations. Now turning around. Has a sector outperform with a high risk caveat. | 2005-01-18 | |
| WAIT | 6.650 | Gail Mifsud | Probably the best hotel portfolio in the country. 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. Good price. Wait for a better recovery. | 2004-12-10 | |
| BUY | 6.750 | Blair Wilson | Good management. The slowdown in tourists have created a decline in cash flows. Doesn't feel that business or group US tourists will be down much. Have an outperform, high risk caveat. | 2004-11-26 | |
| TOP PICK | 6.770 | Charles Dillingham | Raised a lot of money when Fairmont sold their chunk. The economy will give a boost. | 2004-10-08 | |
| VAGUE | 7.070 | Ben Cheng | Has an external management contract with Fairmont Hotels which can be expensive. This is expected to be changed in 3/6 months. | 2004-07-15 | |
| BUY | 6.600 | Blair Wilson | Street is not high on this stock, but they have turned favourable to it. Starting to pay distributions. At a real discount to its net asset value. A value story. | 2004-06-15 | |
| DON'T BUY | 7.200 | Leslie Lundquist | Top-notch properties in excellent locations. Hotel industry has been very hard-hit. Distributions have been suspended temporarily. Better opportunities elsewhere. | 2004-04-15 | |
| PAST TOP PICK | 7.120 | Ben Cheng | (Past top pick september 17, up 23%) Occupancy levels are raising. Will continue to do well. | 2004-02-05 | |
| VAGUE | 7.110 | Peter Brieger | Would own the debentures at this time rather then the stock | 2004-02-04 | |
| HOLD | 7.200 | Peter Brieger | Expects the distributions will be resumed in 2004. Prefers to play at through the convertible debts. | 2003-12-30 | |
| DON'T BUY | 6.230 | Bruce Campbell | Have held off on their distribution this period and next. | 2003-10-06 | |
| BUY | 6.150 | Michael Smedley | A good class of hotel. Dividend should be reinstated. | 2003-09-30 | |
| TOP PICK | 5.790 | Ben Cheng | (Top pick April 1/03. Down 4.4%.) Had expected a decrease in distributions, but they cut them entirely. A good move as they should try to conserve cash at this time. Trading at or below 50% of replacement costs. Hotel environment should improve. | 2003-09-17 | |
| HOLD | 6.200 | Peter Brieger | Could be a potential buy. Will come back. | 2003-07-16 | |
| DON'T BUY | 5.980 | David Baskin | Cut its distribution. Concerned about the hotel industry. It will take a while. Prefers Fairmount Hotels. | 2003-07-08 | |
| HOLD | 5.590 | Garth Jestley | Have just cancelled the current distribution. Long term should improve with increased travel. | 2003-06-25 | |
| DON'T BUY | 5.830 | Charles Dillingham | Has done very badly this year because hotel business is soft. Will have to start seeing a better economy. | 2003-06-13 | |
| DON'T BUY | 5.490 | David Baskin | Not hot on the resort industry. Wait for 6 months. | 2003-04-22 | |
| BUY | 5.770 | Sandy McIntyre | Have great assets. Business travel and conventions have been hit, but should end up OK. Speculative. | 2003-04-17 | |
| BUY | 6.070 | Kevin O'Leary | In the long run, it should be good if the economy recovers. | 2003-04-10 | |
| TOP PICK | 6.040 | Ben Cheng | Has been under tremendous pressure because of air line problems, cut back on business travel and the scare re: SARS. Probably at its bottom and expects an upward swing in the next 12 months. | 2003-04-01 | |
| HOLD | 6.610 | Sandy McIntyre | Have had good reservation per room stats. Good assets. | 2003-03-06 | |
| DON'T BUY | 8.110 | Garth Jestley | Fully valued now. | 2002-08-06 | |
| WEAK BUY | 8.100 | Eric Bushell | Has performed well. Towards the higher end of valuation. | 2002-07-18 | |
| BUY | 8.120 | Ben Cheng | Sensitive to the economy. Top notch hotels. | 2002-07-12 | |
| DON'T BUY | 8.750 | John Priestman | Now overvalued. | 2002-03-19 | |
| DON'T BUY | 8.200 | Sandy McIntyre | Great assets. Travel is down, but should improve. Will take a while. | 2002-01-29 | |
| BUY | 6.880 | Bill Shaw | Well managed. Good price. | 2001-11-02 | |
| BUY | 6.850 | Bill Shaw | Good properties. Expects confidence to return and travel will come back. Fairly priced for long term. | 2001-10-04 | |
| BUY | 8.890 | Sandy McIntyre | Likes. Good properties. | 2001-09-06 | |
| BUY | 8.800 | Bill Shaw | CP Split will have no affect. Hotels that cater to the upper class business may suffer in a falling economy. | 2001-08-16 | |
| BUY | 8.950 | Bill Shaw | Well positioned. Long term hold 5 years. | 2001-06-08 | |
| BUY | 8.790 | Bill Shaw | Likes. Good assets. Decent yield. | 2001-05-23 | |
| TOP PICK | 8.600 | Sandy McIntyre | (Was a top pick on Nov 9 up 4.6%) Bough new trusts. | 2001-05-11 | |
| BUY | 9.000 | Bill Shaw | 11% yield. Could decline in a recession. | 2001-04-26 | |
| STRONG BUY | 8.850 | Bill Shaw | Likes. Will continue to do well even in a slowdown | 2001-03-13 | |
| TOP PICK | 8.600 | Sandy McIntyre | Not only maintains distribution, but increases. Upper class hotels | 2000-12-06 | |
| TOP PICK | 9.000 | Sandy McIntyre | Cyclical re boom times but top hotels not as subject to fluctuations | 2000-11-09 | |
Experts that have talked about Legacy Hotels
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