Hospitality Properties Trust Oct 11
Standard & Poors, October 2011
Abstract
The hotel properties in the portfolio are predominantly operated by well-positioned national managers, and are diversified by location and brand; Financial leverage is moderate; and HPT's conservatively-structured leases and management contracts insulate its earnings and debt coverage measures to some extent from property-level weakness. Performance of both hotel and travel center properties is volatile and cyclical; Hotel tenant coverage of rent at the property level remains weak, although there has been significant improvement since the cyclical trough; and HPT's portfolio is concentrated with properties operated by just five operators, and its largest such relationship is with relatively weakly positioned travel center operator TravelCenters of America LLC. Standard & Poor's Ratings Services' ratings on Hospitality Properties Trust (HPT) reflect our view...
Companies mentioned in this report are: Hospitality Properties Trust
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.
Research Type: Full Analysis
Hospitality Properties Trust
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