"I’m looking to broaden our exposure to US #GrowthAccelerating and one sub-sector of the market that has sold off this week is Hotel REITS (as they're rate sensitive and rates popped back to the top-end of my risk range this week)," writes Hedgeye CEO Keith McCullough today. "One of Gaming, Lodging & Leisure analyst Todd Jordan and his research team's fav hotel REITS remains Host Hotels (HST)."
Here's an excerpt from Jordan's recent Institutional Research note on Host:
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"Reiterating our positive stance on the hotel REIT space in general and HST in particular, despite some near term choppiness in the Smith Travel (STR) weekly RevPAR data and the Hedgeye room rate survey. June faces the 2nd most difficult ADR comp in the YTD, yet, 2Q RevPAR seems to be tracking above most company estimates and certainly above HST guidance. More importantly, our leading indicator macro model continues to suggest RevPAR acceleration through well into 3Q. Finally, the crack Hedgeye Macro Team remains firmly in the growth acceleration camp for the US economy." |
