Strategic Hotels & Resorts Reports Mixed 3Q
Deutsche Bank has published a "company alert" research report on Strategic Hotels & Resorts (NYSE: BEE) after mixed 3Q results and awaiting further liquidity initiatives.
In the report, Deutsche Bank writes "BEE posted respectable RevPAR & hotel EBITDA growth in 3Q, but we thought results might be a bit better given broader luxury trends. A few markets appear to be constraining BEE"s rebound. No comment on 4Q or '11 trends in the release, so we'll look to Thursday's call for those, as well as mgt's updated thoughts on further de-leveraging initiatives (beyond the InterContinental Prague sale that was previously announced). We believe the stock remains in a fairly tight range until a meaningful re-acceleration in EBITDA growth becomes more clear or new liquidity measures take form."
Deutsche Bank maintains its Hold rating and $4.75 price target. The company conference call is today at 10:00am at (888) 713-4205 passcode: 34191290.
Strategic Hotels & Resorts closed yesterday at $4.54.
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