HotelNewsNow.com recaps the performances of hotel-related stocks as they are announced during each quarter. Following is the update for Ameristar Casinos, Ashford Hospitality Trust, Hilton Worldwide and Las Vegas Sands Corporation.
Ameristar Casinos
Ameristar Casinos (Nasdaq-GS: ASCA) of Las Vegas will release its first-quarter results at 9 a.m. ET on 4 May 2010. A conference call discussing the results will follow at 11 a.m. ET.
Analysts expect the company to post revenue of US$313.8 million and earnings of 28 cents per share in the first quarter, according to Thomson Financial Network.
Ashford Hospitality Trust
Dallas-based Ashford Hospitality Trust (NYSE: AHT) restructured a US$157-million loan with Aareal Bank AG. The modified loan extends the loan maturity to August 2013 from August 2011 without tests along with reduced cash management provisions. In exchange, the loan balance will be reduced by US$2.5 million at closing and another US$2.5 million over the next 12 months.
The loan is secured by the Hilton LaJolla Torrey Pines and the Capital Hilton in a joint venture with Hilton Worldwide.
Hilton Worldwide
Hilton Worldwide yesterday completed a restructuring of its existing debt, extending maturity until November 2015 and reducing total debt by nearly US$4 billion. The transaction was effected through the purchase and retirement of US$1.8 billion of debt and the conversion of US$2.1 billion of junior mezzanine debt to preferred equity.
Las Vegas Sands
Las Vegas Sands Corporation (NYSE: LVS) was downgraded to neutral from buy by UBS AG, according to streetinsider.com. The analyst did, however, raise the target price of the stock to US$24 from US$20.
Still, the company’s shares have been rising of late. The stock hit a 52-week high of US$24.66 this week and closed Thursday at US$24.23, and is up 62.6 percent year-to-date.