hotel stocks: why I think they're attractive now ? PRACTICAL STOCK ...

not hotels themselves

It?s not that I think owning a hotel is a great investment.? Generally it isn?t.

Like most real estate, hotels can be (and almost always are) leveraged financially using non-recourse debt?meaning that if you can?t repay, the lender can only seize the property, and has no claim on your other assets.? That?s a definite plus.? But office buildings have the same deal and sport much higher and more stable ROIs.

As far as I can see, the typical hotel developer/buyer is an individual or family that views them as symbols of status, signs that they?re ?arrived.?

a mature industry in the US

I began covering the hotel industry in the US 30 years ago.? Even then it was a mature industry whose major firms were beginning to develop by:

?segmenting the market by not only offering generic ?hotels,? but also resort, luxury, boutique, low-end, extended stay, suites?all the varieties that we have today, and

?selling their hotel properties, while retaining the hotel management contracts that deliver them the bulk of the cash flow the properties generate.

The rest of the developed world has since begun to follow suit.

today?s hotel stocks

The result is that today?s hotel stocks are by and large multi-brand property management companies that control brands and distribution networks (reservation systems and loyalty programs).? Yes, they may own some hotels directly.? But, through their management agreements, their profits are tied to those of all the hotels they manage, even though they don?t have the capital burden of building or maintaining them.

why today?

What makes them interesting to me as investments today is that they?re already comfortably profitable because of the post-recession resumption of business travel.? But they?re also very sensitive to the recovery in leisure travel that I expect will follow the pickup in hiring we?re now seeing in the Bureau of Labor Statistics reports.? (Meetings and conventions are the third big source of income for hotel stocks.? I?m not counting on that getting any better this year.? But it might.? On the other hand, it can?t get any worse, so it?s at least a neutral influence.)

I think the return of leisure travelers (which we?re already beginning to see in results from DIS) will have three aspects:

?a shift from staycation to vacation,

?a move of current Motel 6 stayers to, say, Marriott, and

?gently rising room rates.

According to HotelNewsNow.com, US hotels raised occupancy rates (the percentage of available rooms actually rented) to 60.1% and average daily room rates by 3.7% (to $101.64) last year.? HNN predicts that the combination of rising occupancy and room rates will lift industry revenues by 4.3% in 2012.? I think this is too low.

operating leverage

The key to my positive case for hotel companies is that they have immense operating leverage.? An example:? MAR has achieved an operating margin above 10% only once (in 2007) during the past decade, according to Value Line.?

Consider what happens if room rates rise.? The hotel has almost exactly the same costs if it sells a room at $102.64 as does at $1 lower.? So the margin on that extra dollar is close to 100%, not 10%.? Similarly, if the hotel rents an extra room for one night, its out-of-pocket expense is basically the cost of cleaning it post-stay and putting in new little soaps and shampoos.? That?s about $15.? So the margin on having an extra guest is around 85%.

Let?s say the overall margin on an incremental dollar in revenue is 90%.? If we figure a hypothetical $100 in revenue for a hotel firm at an operating margin of 10% last year, operating profit was $10.? If the extra $4.30 that HNN predicts for 2012 comes in and has a margin of 90%, then it yields operating profit of $3.87.? That?s a 38.7% year on year increase in profit from a 4.3% in revenue.

In reality, no company is going to show that much extra profit.? There?ll always be room refurbishment or other maintenance projects to pay for.? Employees will get raises, new staff will be hired, executives will get bonuses.? But that?s the general idea.

Another, non-fundamental, aspect to the story is that the US stock market has begun to shift its focus from investment ideas that depend only on continuing consumption by the affluent (the major theme since early 2009) to those that are keyed more to recovery of the average consumer.? So the market response to any signs of positive operating leverage of the type I?ve just described may be unusually enthusiastic.

I should point out that this isn?t analysis; it?s the germ of an idea.? That hasn?t stopped me from taking a small position in MAR while I do my homework.? I?ll write more when I finish my work.

Like this:

Be the first to like this post.

Source: http://practicalstockinvesting.com/2012/02/09/hotel-stocks-why-i-think-theyre-attractive-now/

d day fun. words with friends words with friends roy orbison red solo cup xbox live update

Stretching Exercises ? A Vital Part Of Any And Every Exercise ...

New Health And Fitness.Org - Health Information You Can Use

Regardless of the type of exercise you are engaged in, everybody must do some good stretching exercises in proper form. Now, do not misconstrue stretching exercises as something you should do but once or twice per week. It is important that you do some great stretching exercises before you exercise each and every time. These stretching exercises will help you to get your muscles warmed up; and ready for anything that you throw at them. And this would come in the form of pulled muscles or other injuries if you do not do the proper stretching exercises.

A pulled or torn muscle is something you can ill afford when it comes to getting into shape, so it would behoove you to do several good stretching exercises and learn them if you have to.

The stretching exercises that you choose need not be too complex or too fancy, they only need to work. And not all stretching exercises are for everyone. Each set of stretching exercises has different levels, as would be the case for any type of exercise. You should choose stretching exercises that are tailor-fit to the type of exercises you are doing as well as your body type in general.

One such example would be yoga ? advanced yoga is something you would not want to do the very first time around. You need to work up to the more advanced levels of stretching exercises. Remember this at all times and start out with the most rudimentary stretches. This way you can ensure that your body remains in the best of shape at all times. Remember that if you hurt yourself doing your stretching exercises you will not be able to do your regular exercises, you will be in too much pain. Missing even just a few days of working out could significantly derail your progress with regards to exercising and staying fit.

Depending on your body type and fitness level, the best stretching exercises may vary, and the number of books where you can learn these exercises are also quite varied. You can consult your friendly neighborhood librarian and see if there are any copies available in the library, if you find buying a truckload of informative, albeit costly books something out of your price range. You can find all sorts of fantastic stretching exercises that will suit your needs, and best of all, they are just like the best things in life ? free, of course!

You can also search the ?net if you want to research on great stretching exercises. When starting a routine of stretching, you want to have the proper foundation, and that can help you to this end. These resources will ensure that you stay in optimum shape from January to December and looking fabulous. There are literally hundreds, or even thousands of different websites where you can get instructions and tips regarding the various stretching exercises you can perform. These stretching exercises are so great that you will not find it easy to break your routine. It is also these stretching exercises that will change your entire life. If your exercises are becoming stale and perfunctory, then these stretching exercises might even add that little hint of flavor that makes exercise not only productive, but fun as well!

You can smoke our electronic cigarettes anywhere at any time in clubs, restaurants or in your home around your family worry-free.

Source: http://newhealthandfitness.org/2012/02/07/stretching-exercises-a-vital-part-of-any-and-every-exercise-routine/

lana turner donald glover julio cesar chavez jr jason segel turducken power rangers jungle fury power rangers jungle fury

Vandals attack Jerusalem monastery, school (AP)

JERUSALEM ? Vandals attacked a monastery in Jerusalem and a prominent school with a mixed Jewish-Arab student body on Tuesday, and police said they suspected Jewish extremists were behind the violence.

"Death to Christians" and other Hebrew-language graffiti was scrawled on the Greek Orthodox monastery in Jerusalem, while "Death to Arabs" was sprayed across a wall outside the bilingual "Hand in Hand" school in another part of the city.

Israeli police said they were investigating both incidents. Spokesman Micky Rosenfeld said that "price tag" was also painted at the monastery ? a reference to a practice of Jewish extremists who lash out against the Israeli government for actions against settlers.

Such acts usually target West Bank mosques but have recently expanded to include a mosque inside Israel, Israeli military bases, and now, a Christian holy site and a school.

Israel's Army Radio reported that "Maccabees of Migron" was painted on the monastery, too. Maccabees were ancient Jewish heroes, and Migron is an unauthorized settlement facing a court-ordered evacuation next month.

In the West Bank, Palestinians said "Mohammed is a pig" and other hateful slogans were also found spray-painted near a gas station of an Arab village. Rosenfeld had no information about that incident.

Hard-line settlers believe Israel has a God-given right to the West Bank and east Jerusalem, territories Israel captured in 1967, and reject Palestinian claims to those lands.

Extremists, believed to be young Jewish settlers, have carried out dozens of attacks on Palestinians over the past two years, chopping down olive trees, vandalizing agricultural land and setting fire to mosques. Few arrests have been made.

The Abraham Fund Initiatives, which operates educational coexistence projects between Jewish and Arab citizens, condemned the graffiti at the Jerusalem school, one of the few places in the city where Jews and Arabs work and study together.

"The political violence against Arab citizens, dubbed 'price tag,' is aimed this time toward education for shared living between Arabs and Jews in Israel," it said. "This is an attack on a place that represents the wish of Arabs and Jews to build together a better future for their children."

Source: http://us.rd.yahoo.com/dailynews/rss/mideast/*http%3A//news.yahoo.com/s/ap/20120207/ap_on_re_mi_ea/ml_israel_palestinians

lowes best buy black friday frys ad a very gaga thanksgiving black friday walmart 2011 sams club dancing with the stars winner

SIA licence training ? ArticlePlusX ? Dofollow Article Directory

An advanced one is looking to get in to a career involving door supervision, being a security officer, or perhaps close protection officer it happens to be crucial to receive your SIA licence. Your SIA licence is largely the ticket into your security industry and this was implemented through the Security Industry Agency. The SIA is usually a private sector that revolves around in which you Security Industry Act 2001 and that is a law which were mandated in great britain.

The SIA works inside the private security industry and perhaps they are the key organization of a bond with granting individuals their security licences as well as to always make sure that contractors acquire the proper certifications until you are apply to a job. They make perfectly sure that there?s a simple proper educational portion to get the SIA licence knowning that you?ll find standards if you happen to wish to enter in the security industry.

Each sector with the security industry distinct foibles that need to be followed while a person is maintaining their SIA licence. As one good example, if you is preparing to beginning a career being an armed security guard, you?ll see an entirely different group of rules that needs to be followed as well as a range of other licences that would need to be acquired. Whereas if an individual is employing that they are set an even more supervisory role, there could be singular licence that needs to be obtained.

However the test is essential, procuring the proper resources forced to get the test is essential. http://www.sialicenceuk.com provides all prospective security of those that have the time essential find it is possible to consider the exam. With the extensive magnitude of resources on their site you will also have enough knowledge to figure out what is desirable of each individual in the different sectors in the security industry. Having to be able to acquire this quantity knowledge before signning up for that SIA training with a SIA course are generally exponentially beneficial. Whether you live in London, Bournemouth, Liverpool, or Birmingham http://sialicenceuk.com can present you with lots of the necessary resources.

As a general prospective security officer, door supervisor, close protection officer or some different of security career it really is important to acquire your SIA licence. Through rounds of standardized tests and training capabilities you can expect to undoubtably be ready for your future career than you might have ever imagined.

sia licence
sia training

Source: http://www.articleplusx.com/2012/02/sia-licence-training/

norman mailer steve mcnair brooklyn bridge lady antebellum marques colston listeria listeria

New browser (Chrome) doesn't support dying plug-in (Flash)

Everybody's all in a tizzy over the new Chrome for Android browser -- and rightfully so. It's likely the future of default browsing on Android going forward. But, guess what: It doesn't support Adobe Flash Player.

And that should not come as a surprise to anyone.

Adobe in November announced that Flash Player would be taken off life support, insofar as mobile browsing is concerned, and that the company would focus on AIR instead for cross-platform applications. And, so, Adobe Flash Player isn't supported in the new Chrome mobile browser. And that's a good thing. It's time we all -- from end-users to developers to OS-makers -- start weening ourselves off Flash for browsing

And Adobe said exactly as much in a blog post today.

Adobe is no longer developing Flash Player for mobile browsers, and thus Chrome for Android Beta does not support Flash content. Flash Player continues to be supported within the current Android browser.

Makes perfect sense, folks. If your favorite website's not yet moving toward HTML5, it's time to warm up your e-mail-writing fingers.

Source: Adobe

Source: http://feedproxy.google.com/~r/androidcentral/~3/cyV34dUt8fA/story01.htm

kourtney kardashian lipitor lipitor kourtney kardashian pregnant again kourtney kardashian pregnant again apple juice apple juice

Age, military ties mark Kim Jong Un's inner circle (AP)

PYONGYANG, North Korea ? Wherever North Korea's young new leader goes, they're there: a group of graying military and political officials who shadow Kim Jong Un as he visits army bases, attends concerts and tours schools.

As Kim Jong Un steps into the role of "supreme commander" less than two months after his father's death, these officials can be seen in the background. They listen attentively as their leader speaks during "guidance visits" and stand at his side during group photos, smiling and clapping.

Since Kim Jong Il died of a heart attack in December, Kim Jong Un has assumed the mantle of leadership with apparent confidence. But this aging circle of advisers is never far behind, lending the young man gravitas and experience while making clear that he has the backing of the powerful military.

The world has been watching for signs of trouble as Kim, believed to be in his late 20s, leads North Korea just three years after he was tapped to be his father's successor.

His ascension comes at a delicate time. Kim Jong Il died as diplomats were in the midst of negotiating with Washington on much-needed aid to alleviate a chronic food shortage. There were also discussions between North Korea and its neighbors on the prospect of restarting nuclear disarmament negotiations.

The show of support by the nation's core military and political leadership settles a major question about the new era under Kim Jong Un: Kim Jong Il's "military first" policy will remain in place. And it's clear that these men, many now in their 70s and 80s, will continue to advise Kim Jong Un after years of working with his father and even his grandfather, North Korea founder Kim Il Sung.

The "central" leadership stepped into the spotlight most vividly during Kim Jong Il's funeral in a tableau watched as closely here in Pyongyang as it was in Seoul and Washington for signs indicating who is in power in North Korea's opaque political system.

On that day, in a swirl of snow, eight men accompanied the black limousine bearing Kim's flag-draped coffin: Kim Jong Un and seven elderly men who represent the topmost levels of North Korea's military and political circles.

At the front of the hearse, opposite Kim Jong Un, walked Ri Yong Ho, vice marshal of the Korean People's Army and the military's General Staff chief.

Ri wields power from his position at the intersection of three crucial institutions: the Korean People's Army, the Central Military Commission of the ruling Workers' Party and the Standing Committee of the party's influential Political Bureau.

While the Workers' Party of Korea has served as the backbone of the power structure since Kim Il Sung founded the country in 1948, Kim Jong Il elevated the military when he became leader after his father's death in 1994.

Ri, who has operational control of the army, also oversees an influential Kim Jong Un support group comprising officers in their 50s and 60s who commanders consider rising stars, according to Ken Gause, a North Korea specialist at CNA, a U.S.-based research organization.

A stern figure, Ri stood between Kim Jong Il and Kim Jong Un in October 2010 as they watched a massive military parade marking the 65th anniversary of the Workers' Party. He occasionally leaned over to whisper to the son, who was making his international public debut. And Ri stood at Kim Jong Un's side following Kim Jong Il's funeral. Ri is 69, according to South Korea's Unification Ministry, which provided the birth dates of all seven figures.

Walking directly behind the young leader during the funeral procession was his uncle, Jang Song Thaek, husband of Kim Jong Il's younger sister, Kim Kyong Hui, who is also an important Kim Jong Un patron.

Jang, 65, is a vice chairman of the National Defense Commission. Under the constitution, the commission is the country's highest military body, and Kim Jong Il led the country as chairman.

Jang apparently is involved in big economic projects and oversees internal security offices, according to Nicholas Hamisevicz, director of research and academic affairs for the Korea Economic Institute in Washington. Jang was a frequent companion to Kim Jong Il on field inspection trips last year.

"He is thought to be helping groom Kim Jong Un by providing him information as well as some political protection," Hamisevicz said.

Also escorting Kim's hearse was People's Armed Forces Minister Kim Yong Chun, who controls military logistics and training, according to Gause. In a Jan. 28 state media report, Kim Yong Chun, 75, was mentioned second only to Ri Yong Ho in a list of top aides who accompanied Kim Jong Un to a military concert.

Kim Ki Nam, 82, is credited with orchestrating the legends surrounding the Kim family and serves as the main ideologue for the country, according to the World Institute for North Korea Studies in South Korea.

Kim Jong Gak is a senior political officer in the Korean People's Army, while U Tong Chuk is a top state security official. On Jan. 9, Kim Jong Gak was mentioned prominently at a massive rally of army, navy and air force troops pledging loyalty to Kim Jong Un. U Tong Chuk has attended two concerts with the new leader this year, according to state media.

Rounding out the entourage in the funeral procession was Choe Thae Bok, the longtime chairman of the Supreme People's Assembly and a member of the Politburo who has led a number of North Korean delegations overseas. Choe is 81, according to the South Korean government.

Other important advisers include Premier Choe Yong Rim, who despite being in his 80s has been making the types of inspection trips to factories, construction sites and power plants that were once Kim Jong Il's purview; and Kim Yong Nam, president of the Presidium of the Supreme People's Assembly and the country's nominal head of state.

Two other top officers, wearing gray parkas, have accompanied Kim on military inspections recently: Kim Myong Guk, a 71-year-old General Staff director of operations; and Kim Won Hong, a top political officer who is reportedly in charge of military personnel appointments. Gause says Kim Won Hong heads one of the bodies that form an "inner ring for internal security inside North Korea."

One of these men is invariably at Kim Jong Un's side.

"While Kim might enjoy real authority, it is his relationship with the leadership support system around him that will determine the latitude he has to make decisions on his own," Gause said.

The elderly leaders who lived through the Korean War are being replaced by a new generation of senior leaders in their 40s, 50s and 60s and numbering perhaps 5,000, according to a recent report by Peter Hayes, Scott Bruce and David von Hippel of the Nautilus Institute think tank.

The analysts said Kim Jong Un and his "senior advisers are likely to seek continuity with the past as the basis for smooth sailing in 2012 while they concentrate on domestic issues."

___

Klug reported from Seoul, South Korea. Associated Press writers Hyung-jin Kim and Sam Kim also contributed to this story from Seoul. Follow AP Korea bureau chief Jean H. Lee at twitter.com/newsjean and Foster Klug at twitter.com/APklug.

Source: http://us.rd.yahoo.com/dailynews/rss/nkorea/*http%3A//news.yahoo.com/s/ap/20120207/ap_on_re_as/as_nkorea_kim_s_advisers

mists of pandaria 20 20 baby lisa baby lisa paranormal activity wvu football district 9

Everyone Agrees Jose?s Jokes Rock- The Toucan Debuts In iPhone & iPad

Medellin, Colombia ? Jose the Joke Telling Toucan is app giant AhorrecompArando?s new star. This app is complete with hundreds of great jokes and has many interactive features. Initially launched last December, this app is getting rave reviews from users.

* ?Jose is so funny that I was rolling on the floor. My ribs still ache from laughing.? ~ George

* ?My friends and I had so much fun with this app that we just couldn?t stop making Jose tell more jokes. We haven?t laughed that long in a while.? ? Claudia

* ?This app is amazing, Jose is the funniest comedian I have ever seen ? plus, he is adorable!?- Martina

Our app developers knew Jose?s jokes are the best and crafted the app around that. We were sure to make the app easy to use even when your eyes are filled with tears of laughter. The easy to use interface works well with kids, who if too young to get the jokes can enjoy the toucan dancing and the fun music.

Saving and emailing jokes is enabled. Social media features include sharing via Facebook and Twitter. The app is appropriate for ages 4 . While many children don?t get jokes they can still enjoy watching Jose dance.

Device Requirements:
* iPhone, iPod touch, and iPad
* Requires iOS 4.0 or later
* 74 MB

Pricing and Availability:
jokes 1.3 is Free and available worldwide exclusively through the App Store in the Entertainment category.

jokes 1.3
Download from iTunes
YouTube Video
Screenshot 1
Screenshot 2
App Icon

1Tucan is a company with enthusiastic drive and focus. Our people are passionate about the internet, mobile apps and new technologies. Youth, humor, professional experience, creativity and a strong work ethic have allowed us to continually enrich the range of services and products that help you grow your business. Copyright (C) 2011 1Tucan. All Rights Reserved. Apple, the Apple logo, iPhone, iPod and iPad are registered trademarks of Apple Inc. in the U.S. and/or other countries.

Source: http://feedproxy.google.com/~r/appmodo/~3/FODFPehSI_k/

sharia law new hampshire primary results ron paul golden state warriors amanda bynes molly sims hostess brands