Starwood Hotels upgraded to Buy from Neutral at UBS UBS upgraded Starwood Hotels following yesterday's pull back in reaction to lack of a share repurchase since the previous quarter. The analyst believes any issues that prevented buybacks last quarter will not be an issue going forward and that the strength in North America, asset sales, and improving China RevPAR will drive shares higher. Price target raised to $85 from $75.
Starwood Hotels November volatility elevated into Q3 and outlook Starwood Hotels November call option implied volatility is at 29, December and January is at 27; compared to its 26-week average of 22 according to Track Data, suggesting larger near term price movement into the expected release of Q3 results on October 28.
Starwood announces sale of The St. Regis for $150.7M Starwood Hotels & Resorts Worldwide announced that it has sold The St. Regis, Rome to subsidiaries of Constellation Hotels Holding Limited for approximately $150.7M. Starwood will continue to operate the hotel under the St. Regis brand flag as part of a new long-term management agreement.