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Summary: Host Hotels & Resorts Inc.
Standard & Poors, May 2011
Abstract
The rating on Bethesda, Md.-based Host Hotels & Resorts Inc. reflects its highly leveraged financial risk profile, reliance on external sources of capital for growth as an REIT, and the cyclical nature of the lodging industry. Additionally, although the rating and outlook have incorporated Standard & Poor's Ratings Services' view that Host would begin to deploy its large excess cash balances for hotel acquisitions and investments, the valuation multiples for its recently announced and completed acquisitions are somewhat higher than our original expectations. We believe competition for high-quality assets in urban markets has propelled acquisition multiples to an elevated level. Host's relatively aggressive posture, in our view, will also limit a possible upgrade over the near term, given the likelihood...
Companies mentioned in this report are: Host Hotels & Resorts Inc.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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