Select Accommodations Inc
Supply growth remains below historical levels, and Baird expects the lodging up-cycle to continue for several more years. Loeb adds that though shares of Summit currently are trading at a modest discount to its lodging peers, Baird believes this valuation gap likely will close over time as investors become more familiar with management as well as its execution and acquisition strategies.
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Beltway markets feature demand generators such as corporate business parks, retail centers, state capitals, hospitals, universities, airports and tourist attractions that provide pockets of opportunity for the clustered select-service product. For example, inside the beltway surrounding Denver, ranked as the 21st MSA by population, Summit operates eight select-service hotels. Within the top 16 MSAs, Summit operates nine properties in or around the Dallas Metroplex, five that serve Atlanta, four in the Phoenix area and four that serve the Minneapolis area. STRONG Growth in RECENT Years Summit decided to go public with its select-service business strategy in February 2011. The firm held an initial public offering that raised $253. 5 million. Summit entered the public space with an equity market cap of $364. 4 million. Today, two years after the IPO, Summit has acquired 24 upscale, select-service hotels under the Hilton, Hyatt, InterContinental and Marriott banners, and expanded to an equity market cap in mid-January of $625.
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As such, I believe multiples can expand from current levels and that estimates across the space are conservative. " The investment bank's preference is for higher operating leverage at this stage of what it expects to be an extended up-cycle fueled by low supply growth, "and Summit's operating leverage is at the top of our coverage universe, " Meliker reports. "Though Summit's property margins currently are down from peak, they are recovering rapidly, and as a result, we believe Summit will experience more margin expansion than its peers. " A REIT report published in January by Baird Equity Research supports the bank's view that lodging fundamentals and the outlook for 2013 and beyond are positive. The report stated that industry trends continue to show that lodging demand remains robust in light of continued strength in the business transient segment, while group business recently has begun to gain momentum. Although the risk of declining hotel demand has heightened given several macroeconomic headwinds, Baird does not envision a widespread demand pullback.
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