HotelNewsNow.com updates the performance of publicly traded hotel companies each Friday. Included in this week’s update are: Pebblebrook Hotel Trust, Shangri-La Asia Limited, and Sunstone Hotel Investors.
Baird/STR Hotel Stock Index
The Baird/STR Hotel Stock Index ended March with a 4.9% decrease to 2,294. During the first quarter of 2011 the index was down 3%. The Hotel Stock Index ended 2010 at 2,364.
Randy Smith, chairman and co-founder of STR, said fuel prices and summer travel could have a further affect on the Index. Smith and David Loeb, senior analyst at Baird, said guidance from companies such as Marriott International helped fuel the Index’s March decline.
The Baird/STR Hotel Stock Index closed Thursday at 2214.52. It was at 2224.71 as of 10 a.m. (eastern) today.
Pebblebrook Hotel Trust
Pebblebrook Hotel Trust (NYSE: PEB) of Bethesda, Maryland, announced it closed its offering of 10.93 million shares at a price of US$21.60, less the underwriting discount. The offering included 1.43 million shares pursuant to the exercise of the underwriters’ overallotment option.
Net proceeds, including the overallotment option, are approximately US$226.3 million, after deducting the underwriting discount and other estimated offering-related costs. The proceeds will be used to invest in hotel properties.
The blind pool real-estate investment trust’s stock closed Thursday at US$21.60 per share, up 6.3% year-to-date.
Shangri-La Asia Limited
Hong Kong-based Shangri-La Asia Limited (HKG: 0069) is planning to issue a US$500-million convertible bond issue, according to Reuters. Proceeds would help fund spending and working capital.
The company’s stock price closed Friday at HKD20.75 per share (US$2.67 per share) and is up nearly 2.0% year-to-date.
Sunstone Hotel Investors
Sunstone Hotel Investors (NYSE: SHO) of Aliso Viejo, California, announced the closing of its offering of 4.6 million shares of 8% Series D Cumulative Redeemable Preferred Stock for US$115 million. The closing included the full exercise of the underwriters’ overallotment option.
The REIT’s stock price closed Thursday at US$9.85 per share and is down 4.7% year-to-date.
Hotel Earnings Tracker
HotelNewsNow.com updates public hotel company earnings data as the information is released each quarter. View the latest version of the Hotel Earnings Tracker.