HotelNewsNow.com updates the performance of publicly traded hotel companies each Friday. Included in this week’s update are: Accor; DiamondRock Hospitality Company; Host Hotels & Resorts; LaSalle Hotel Properties; MGM Resorts International; Pebblebrook Hotel Trust; and Starwood Hotels & Resorts Worldwide.
Baird/STR Hotel Stock Index
The Baird/STR Hotel Stock Index ended Thursday at 2348.28. The index was at 2365.07 as of 11 a.m. this morning.
French hotel company Accor (EPA: AC) said its hotels revenue grew by 9.4% during the fourth quarter and 7.4% during 2010. Total reported hotels revenue for 2010 was €5.7 billion (US$7.7 billion).
The company’s earnings before interest and taxes target for 2010 was raised to approximately €440 million (US$591.6 million) from a previous range of €400 million to €420 million (US$537.8 million to US$564.7 million).
Accor’s shares finished Thursday at €32.51 (US$44.03) and are down 11.6% during the past 12 months.
DiamondRock Hospitality Company
Bethesda, Maryland-based DiamondRock Hospitality Company (NYSE: DRH) said it priced its public offering of 11 million shares at US$12.15 per share. The underwriter was granted a 30-day option to purchase up to an additional 1.65 million shares.
Net proceeds will go toward the real estate investment trust’s operating partnership. The partnership will use approximately US$20 million to pay the deposit required under the purchase and sale agreement for a to-be-developed property the company has under contract. The remainder will be used for future acquisitions and working capital.
Also, DiamondRock this week reached a new 52-week high of US$12.58 per share.
The company’s stock closed Thursday at US$12.06 per share and is up 26% during the past 12 months.
Host Hotels & Resorts
Host Hotels & Resorts (NYSE: HST) hit a 52-week high this week of US$18.75 per share.
The Bethesda-based company’s stock closed Thursday at US$17.98 per share and is up 50.1% during the past 12 months.
LaSalle Hotel Properties
LaSalle Hotel Properties (NYSE: LHO) of Bethesda announced a public offering of 2.6 million 7.5% Series H Cumulative Redeemable Preferred Shares at a price of US$25 per share.
Net proceeds, expected to be US$62.8 million, will be used to redeem outstanding Series B Preferred Shares, reduce the debt under the company’s senior unsecured credit facility, future acquisitions, working capital and general corporate purposes. The underwriters were granted a 30-day right to purchase up to an additional 390,000 shares to cover any overallotments.
The REIT’s stock price closed Thursday at US$28.04 per share and is up 24.5% during the past 12 months.
MGM Resorts International
MGM Resorts International (NYSE: MGM) of Las Vegas achieved a new 52-week high of US$16.94 per share.
The company’s shares ended Thursday at US$15.33 per share and are up 26.8% during the past 12 months.
Pebblebrook Hotel Trust
Blind-pool REIT Pebblebrook Hotel Trust estimates net income of US$13.1 million to US$15.1 million in 2011 (33 cents to 38 cents per diluted share.)
Funds from operations are expected at US$28.2 million to US$30.2 million, or 71 cents to 76 cents per diluted share and unit, Pebblebrook reported in its 2011 business outlook. Pebblebrook said revenue per available room should increase by 6% to 8% over 2010.
The company’s stock price ended Thursday at US$20.41 per share and is down 2% during the past 12 months.
Starwood Hotels & Resorts Worldwide
Starwood Hotels & Resorts Worldwide reached a new 52-week high of US$63.50 per share.
The company’s stock closed Thursday at US$61.12 per share and is up 57% during the past 12 months.