Hotel stocks under pressure

September

Shares of hotel companies have fallen sharply this week after analysts raised concerns that a slowing economy could hurt occupancy and room rates.

The decline continued today after JPMorgan Chase cut its ratings on Starwood Hotels & Resorts Worldwide Inc. of White Plains and other hotel operators. JPMorgan said that its research on the hotel industry has uncovered weaker corporate business and slowing business internationally. Shares of Starwood were down 62 cents this afternoon to $30.81 in trading on the New York Stock Exchange. The stock has fallen 47 percent this year. The downgrade by JPMorgan came a day after a Morgan Stanley analyst downgraded Starwood.

This entry was posted on Thursday, September 25th, 2008 at 2:28 pm by Jay Loomis.
You can follow any responses to this entry through the RSS 2.0 feed.
Share and Enjoy: | Print Print | Email Email

It is a condition of your use of the comment features associated with the blogs that you do not: Use the site to post or transmit any unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane or indecent information of any kind, including without limitation any transmissions constituting or encouraging conduct that would constitute a criminal offense, give rise to civil liability or otherwise violate any local, state, national or international law. You alone are responsible for the material you post or send. Refer to the Terms of Service.

Business in the Burbs

Movers, shakers and newsmakers