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HST

Host Hotels

$15.99

0.21 (1.33%)

16:21
08/29/19
08/29
16:21
08/29/19
16:21

Host Hotels urges holders to reject Mackenzie's mini-tender offer

Host Hotels & Resorts has learned that MacKenzie Capital Management, LP made an unsolicited "mini tender" offer for up to 100,000 operating partnership units of Host Hotels & Resorts, L.P. at a price of $13.10 per OP Unit less cash distributions made by Host L.P. after July 31, 2019. This follows several earlier "mini tender" offers by the Purchaser launched in 2016, 2017 and 2018. Neither the company nor Host L.P. are in any way associated with the MacKenzie Offer, and holders of OP Units are under no obligation to take any action with respect to the MacKenzie Offer. After careful evaluation of the MacKenzie Offer, the company and Host L.P. recommend that the holders of OP Units reject this unsolicited offer. In making this recommendation, the company primarily considered that the offer price in the MacKenzie Offer is below the $15.78 per share closing stock price of the company's common stock on August 28, 2019. Although there is no trading market for the OP Units themselves, at any time holders of OP Units may request that the company redeem their OP Units and the Company, in its discretion, may either redeem the OP Units for cash or, in the alternative, issue 1.021494 shares of the company's common stock in exchange for each OP Unit, which shares may then be sold. Based on the closing price of the company's common stock on August 28, 2019 of $15.78, an OP Unitholder would receive shares with a market value of approximately $16.12 compared to the cash MacKenzie Offer of $13.10.

HST Host Hotels
$15.99

0.21 (1.33%)

06/27/19
BTIG
06/27/19
NO CHANGE
Target $20.5
BTIG
Buy
Host Hotels price target lowered to $20.50 from $24 at BTIG
BTIG analyst James Sullivan lowered his price target for Host Hotels (HST) to $20.50 from $24 and maintained a Buy rating to reflect the compression in the market's expectations and valuations. From current valuation levels, Sullivan tells investors in a research note that he thinks the risk-reward has become very favorable. With industry forecasts for RevPAR growth trending lower over the next two years, Sullivan says it is unlikely that there will be a near-term recovery in relative valuations for the sector without firmer RevPAR results.
08/15/19
BTIG
08/15/19
DOWNGRADE
BTIG
Neutral
Host Hotels downgraded to Neutral from Buy at BTIG
08/15/19
BTIG
08/15/19
DOWNGRADE
BTIG
Neutral
Pebblebrook Hotel, Host Hotels cut to Neutral at BTIG on weaker demand
BTIG analyst James Sullivan downgraded Pebblebrook Hotel (PEB) and Host Hotels (HST) to Neutral as part of a broader research note on hotel REITs, saying their "attractive valuation" are not enough to offset the deteriorating fundamentals of weakening demand and persistent supply growth. The analyst notes that he anticipated a better top line growth in Q3 and Q4, but the occupancy and room rates trends so far this quarter have been weak, with additional pressure coming from weaker economic conditions outside the U.S. and the stronger USD.
08/15/19
08/15/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Evergy (EVRG) downgraded to Market Perform from Outperform at Wells Fargo with analyst Sarah Akers citing valuation. 2. Host Hotels (HST) and Pebblebrook Hotel (PEB) downgraded to Neutral from Buy at BTIG. 3. Toronto-Dominion (TD) downgraded to Neutral from Buy at BofA/Merrill with analyst Ebrahim Poonawala citing the recent outperformance of Canadian banks relative to their global banking peers, the analyst is turning more cautious on the group. 4. Urban Outfitters (URBN) downgraded to Neutral from Buy at B. Riley FBR with analyst Susan Anderson saying on its Q1 earnings call, management said they expected sales will start to improve with new back-to-school product in July and into August. 5. Abeona Therapeutics (ABEO) downgraded to Hold from Buy at Maxim with analyst Jason McCarthy saying at the current burn rate and the Viital phase 3 study not expected to initiate until Q4, Abeona is likely going to need to raise capital. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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