Loews Adds The Back Bay Hotel - Analyst Blog
23 Janeiro 2013 - 9:10AM
Zacks
Loews Hotels & Resorts, a wholly owned-subsidiary of
Loews Corporation (L), inked a deal with The Doyle
Collection to buy The Back Bay Hotel in Boston. The transaction is
expected to culminate next month. The signing of this deal takes
the company another step closer toward achieving its goal of owning
30 hotels in the next five years.
This property comprises 225 guestrooms, meeting and event space,
two dining options, Cuffs, an Irish Bar and The Stanhope Grille and
is located on the corner of Berkeley and Stuart Streets.
Apart from nearly doubling its hotel count, the company expects a
threefold increase in its net income in the next three years. As a
part of the goal, Loews Hotels & Resorts acquired two hotels -
Madison Hotel in Washington, D.C. and Renaissance Hotel & Spa
in Hollywood, California - in 2012. It has another two hotels - The
Loews Chicago Hotel, scheduled to open in January 2015 and Cabana
Bay Beach Resort at Universal Orlando, scheduled to open in 2014 –
under construction. With this buy, Loews tally reaches 21
hotels.
Earlier, Loews had stated that it intends to acquire and develop
properties in Boston, Chicago, San Francisco, Washington, D.C., New
York, Dallas, Toronto and Seattle with its capital in hand. These
moves are a testimony of its plans.
These consistent efforts on the part of Loews helped it hit the 52
week high of $43.41 on Jan 22.
Loews has managed to post positive earnings surprises in 5 of the
10 quarters with an average beat of 6%. Most recently, in its third
quarter, it delivered an earnings surprise of 21.1%. The Zacks
Consensus Estimate for fourth quarter 2012 is currently pegged at
37 cents while the same for 2012 is $1.80. Loews is expected to
release its fourth-quarter and full year 2012 results on Feb
11.
Loews presently carries a Zacks Rank #4 (Sell). Other companies
from the same industry like Ageas SA/NV (AGESY)
carries a Zacks Rank #1 (Strong Buy), while CNO Financial
Group Inc. (CNO) and FBL Financial Group
Inc. (FFG) carry a Zacks Rank #2 (Buy).
(AGESY): ETF Research Reports
CNO FINL GRP (CNO): Free Stock Analysis Report
FBL FINL GRP-A (FFG): Free Stock Analysis Report
LOEWS CORP (L): Free Stock Analysis Report
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Zacks Investment Research
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