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Strategies & Market Trends : Value Investing
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To: wlheatmoon who wrote (8030)8/23/1999 1:24:00 AM
From: James Clarke  Read Replies (1) of 78625
 
Felcor sounds interesting. Hotel REITs are in the outhouse behind the doghouse right now. I own LaSalle, which pays an 11% yield, and I like management. They have done everything they said they would do a year ago, and continue to buy their own stock. I have looked at Felcor a couple of times on the way down and said yuck. One of these times its going to be a screaming buy. Thanks for the heads up. I'll look at it one more time. (But as Paul said, book value doesn't matter in this industry - all that tells you is what they (over?)paid for their properties. Maybe that was the right price, maybe not. I spent three years with a major real estate vulture fund in the last downturn, and we NEVER even looked at book value. Just watch cash.) My REIT buys now are Colonial Properties for the very conservative, and Host Marriott for those who want to take a little more risk - hotel REITs are about as out of favor as you can get, but there is no hotel REIT with a better quality portfolio or management than Host Marriott. 8.4% yield. And these are Marriott flagged properties. Take my word for it - whatever the macro environment for the next five years, Marriott flags are going to do a lot better than Felcor's hotels.

JJC
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