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Stock Market & Financial Investment News

News Breaks
February 24, 2014
08:02 EDTHTHersha Hospitality to sell Hotel 373 in Manhattan for $37M
Hersha Hospitality Trust has entered into a definitive agreement to sell the Hotel 373 located in midtown Manhattan. The 70 room hotel is being sold to an offshore investment group for $37M, or approximately $529,000 per key. The sale price values the hotel at $1,680 per square foot, and on 2013 operating results represents an economic capitalization rate of 5.2% and a hotel EBITDA multiple of 17.3x. The transaction is expected to close during the second quarter of 2014, and is subject to customary closing conditions, including the completion of the buyer’s due diligence.
News For HT From The Last 14 Days
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March 25, 2015
14:11 EDTHTSunTrust downgrades hotel stocks citing macro trends, weak bookings
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10:00 EDTHTOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AB InBev (BUD) downgraded to Reduce from Overweight at HSBC... BreitBurn Energy (BBEP) downgraded to Sell from Neutral at UBS... DiamondRock (DRH) downgraded to Reduce from Neutral at SunTrust... Ethan Allen (ETH) downgraded to Hold from Buy at Gabelli... Felcor Lodging (FCH) downgraded to Neutral from Buy at SunTrust... Finish Line (FINL) downgraded to Neutral from Buy at B. Riley... Hannover Re (HVRRY) downgraded to Sell from Hold at Deutsche Bank... Hersha Hospitality (HT) downgraded to Reduce from Neutral at SunTrust... Host Hotels (HST) downgraded to Reduce from Neutral at SunTrust... ING Groep (ING) downgraded to Neutral from Buy at Goldman... Informatica (INFA) downgraded to Neutral from Buy at Mizuho... Kofax (KFX) downgraded to Hold from Buy at Canaccord... LRR Energy (LRE) downgraded to Sell from Neutral at UBS... LaSalle Hotel (LHO) downgraded to Reduce from Neutral at SunTrust... Munich Re (MURGY) downgraded to Sell from Hold at Deutsche Bank... Orbital ATK (OA) downgraded to Market Perform from Outperform at Wells Fargo... PCTEL, Inc. (PCTI) downgraded to Neutral from Buy at B. Riley... Quest Diagnostics (DGX) downgraded to Hold from Buy at Deutsche Bank... SJW Corp. (SJW) downgraded to Neutral from Outperform at RW Baird... Selective Insurance (SIGI) downgraded to Neutral from Buy at BofA/Merrill... Sonus (SONS) downgraded to Hold from Buy at Wunderlich... Starwood (HOT) downgraded to Neutral from Buy at SunTrust... Synchrony Financial (SYF) downgraded to Neutral from Buy at BofA/Merrill... Tesla (TSLA) downgraded to Underperform from Outperform at CLSA... Twitter (TWTR) downgraded to Hold from Buy at Pivotal Research... ZAGG (ZAGG) downgraded to Market Perform from Outperform at Northland... iDreamSky (DSKY) downgraded to Neutral from Overweight at JPMorgan.
07:04 EDTHTHersha Hospitality downgraded to Reduce from Neutral at SunTrust
SunTrust's industry checks indicate significant weakness in forward bookings due to FX impact on international tourism, lower oil prices, and increased supply. The firm said companies with the most exposure to New York City, Los Angeles, Hawaii, Miami, Seattle, and Houston have the most risk. Additionally, SunTrust said Q2-Q3 U.S. Upper Upscale RevPAR tracking is only tracking to the low-end of the +4-6% range. Due to exposure to the markets at risk, SunTrust downgraded Hersha Hospitality to Reduce and maintained its $6.50 price target.

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