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Stock update: Q4 earnings season begins
February 4 2011

Included in this week’s update of public hotel company news: Starwood and Las Vegas Sands report Q4 results and Chatham is preparing to offer 4 million shares.

  • Chatham expects fourth-quarter RevPAR to increase by 3.5%.
  • Starwood said worldwide, system-wide same store RevPAR increased by 10.3% in constant dollars.
  • Las Vegas Sands reported revenue increased to US$2 billion from US$1.2 billion during the fourth quarter.
By Shawn A. Turner
Finance Editor updates the performance of publicly traded hotel companies each Friday. Included in this week’s update are: Chatham Lodging Trust, DiamondRock Hospitality Company, Host Hotels & Resorts, Las Vegas Sands Corporation and Starwood Hotels & Resorts Worldwide.

Baird/STR Hotel Stock Index
The Baird/STR Hotel Stock Index
closed Thursday at 2398.33. It was at 2398.27 as of approximately 10 a.m. today.

Chatham Lodging Trust
Palm Beach, Florida-based Chatham Lodging Trust (NYSE: CLDT) expects fourth-quarter revenue per available room to increase by 3.5% to US$83.27 when the blind-pool real-estate investment trust reports earnings later this month.

In other news, Chatham said it is preparing to offer 4 million common shares for US$16 per share. Net proceeds will go toward the repayment of debt under its secured credit facility, to acquire hotels, and for general business purposes.

The company today announced the full exercise of an underwriters’ overallotment option to purchase an additional 600,000 common shares of beneficial interest at the public offering price, less the underwriting discount.

The stock price for the REIT closed Thursday at US$16.18 per share, down 21.1% during the past 12 months.

DiamondRock Hospitality Company
DiamondRock Hospitality Company (NYSE: DRH) reached a new 52-week high this week of US$12.63 per share.

The Bethesda, Maryland-based real-estate investment trust’s stock closed Thursday at US$12.26 per share and is up 50.6% during the past 12 months.

Host Hotels & Resorts
Host Hotels & Resorts of Bethesda said it has extended the expiration date of its offer to exchange up to US$500 million of 6% Series V Senior Notes due 2020 for its outstanding unregistered 6% Series U Senior Notes due 2020. The exchange will expire at 5 p.m. eastern time today, after initially being scheduled to expire on 31 January.

The real-estate investment trust’s stock price closed Thursday at US$18.96 per share. It is up 78.9% during the past 12 months.

Las Vegas Sands Corporation
Las Vegas Sands Corporation (NYSE: LVS) said net revenue increased to US$2 billion during the fourth quarter from US$1.2 billion. Operating income was up to US$488.7 million from US$43.9 million.

The company’s stock price ended Thursday at US$50.28 per share and is up 224.4% during the past 12 months.

Starwood Hotels & Resorts Worldwide
White Plains, New York-based Starwood Hotels & Resorts Worldwide (NYSE: HOT) said revenue per available room for its worldwide, system-wide same store hotels increased by 10.3% in constant dollars during the fourth quarter.

Income from continuing operations was US$206 million during the quarter, compared to a loss of US$186 million during the same period a year ago.

The company’s stock price closed Thursday at US$60.33 and is up 81.1% during the past 12 months.

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