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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (11974)	2/3/2001 2:41:52 PM
From: Q.	Read Replies (1) \| Respond to of 78476

Do hotel REITs actually operate the hotels, or do they lease their property with long-term contracts to other businesses who operate them? This would seem to make a big difference in who is taking the risk during a downturn. I've never looked at hotel REITs before. My REITs are in shopping centers and office rental, which are pretty well protected during an economic downturn by multi-year leases, and apartments & mobile home parks, which are stable because everybody needs housing.

To: Paul Senior who wrote (11974)	2/5/2001 9:23:32 AM
From: Grommit	Read Replies (1) \| Respond to of 78476

Hotel REITS Meristar turned in results today and the outlook seems OK. biz.yahoo.com My largest REIT holdings are CLP, FR (with buffet), UDR, and SNH. And I have been buying slightly more and more lately. I figure that it a good hedge if the economy tanks because if interest rates drop, RIETS will increase, like a bond.

To: Paul Senior who wrote (11974)	2/5/2001 1:23:42 PM
From: Archie Meeties	Read Replies (1) \| Respond to of 78476

Paul, do you know any place to monitor rent/lease rates? I've heard plenty of second hand reports about declining rents in some of the more tech heavy places in the country.

To: Paul Senior who wrote (11974)	9/13/2002 4:01:16 PM
From: Paul Senior	Read Replies (1) \| Respond to of 78476

I'll start to build up my position in hotel reit FCH at current price. I'll suggest there are two issues: 1. Is this business or reit sector cyclical? I'll say yes, the hotel business has had ups and downs over the past many, many years. I am guessing that although 9/11 has affected all kinds of travel, the cycle for hotels has neither been repudiated nor irreparably damaged. 2. If we're in a cycle, are we near lows, ie. low for a value stock buyer? I do not know, but at current price, FCH sells well below stated book and pays a reinstated 4% annualized dividend yield. At a price of $14.35/sh, the stock is close to the 11.90 low price reached on 9/21/01. Close enough for me anyway, to start adding. finance.yahoo.com