Most lodging stocks mostly fell on Monday after a Barclays Capital analyst lowered her target price for three hotel companies to reflect declining travel trends and a worse-than-expected 2009 forecast from Starwood Hotels & Resorts Worldwide Inc.
Barclays Capital analyst Felicia Hendrix lowered her price target for Marriott International Inc., Host Hotels & Resorts Inc. and Choice Hotels International Inc. to reflect a weaker outlook for the three companies.
Hotel trends, which declined sharply following the financial crisis in September, have continued to deteriorate into late January. Smith Travel Research, which tracks lodging data, reported that occupancy was down in the double-digit percentage range in major U.S. hotel markets during the week ended Jan. 24.
Hendrix also noted that Starwood slashed its first-quarter and full-year earnings guidance on Thursday.
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Source - Forbes
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