| | - Extended Stay America (STAY; Hold; $14.40). Our target price of $15 reflects a 9.0x multiple on 2018E EBITDA of $611 million. Risks To Our Target Price: Lodging is correlated to the overall health of the economy. A prolonged economic downturn could have adverse effects on sector performance.
- Hyatt Hotels Corporation (H; Hold; $50.19). Our target price of $48 reflects a 10.5x multiple on 2018E EBITDA of $817 million. Risks To Our Target Price: Lodging is correlated to the overall health of the economy. A prolonged economic downturn could have adverse effects on sector performance.
- La Quinta Holdings (LQ; Hold; $10.73). Our target price of $10.25 reflects an 8.1x multiple on 2018E EBITDA of $350 million. Risks To Our Target Price: Lodging is correlated to the overall health of the economy. A prolonged economic downturn could have adverse effects on sector performance.
- Marriott International (MAR; Hold; $68.69). Our target price of $65 reflects a 10.4x multiple on 2018E EBITDA of $1.963 billion. Risks To Our Target Price: Lodging is correlated to the overall health of the economy. A prolonged economic downturn could have adverse effects on sector performance.
- Starwood Hotels & Resorts Worldwide (HOT; Hold; $75.45). Our target price of $73 reflects the deal price which equates to 0.8x of our target price for MAR and $21/share in cash. Risks To Our Target Price: Lodging is correlated to the overall health of the economy. A prolonged economic downturn could have adverse effects on sector performance.
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