Investopedia: Should Value Investors Check Into Marriott?

Hospitality is a tricky business. Treat people right, and your restaurants, hotels and resorts can become multi-generational destinations; think of Disney (NYSE:DIS) or the Four Seasons. At the same time, it's a brutal business - demanding customers, rampant competition and the vagaries of the economic cycle all put heavy demands on management. Marriott (NYSE:MAR) is clearly a long-term winner and a leader in the industry, but there is an incredible amount of noise in the market right now. 

A Pretty Comfy Third Quarter 

All things considered, Marriott delivered solid third quarter results. Revenue (net of reimbursements) rose almost 11%, with constant currency revenue per available room (RevPAR) about 7% globally. The RevPAR was pretty consistent both at home and abroad, and the company is seeing modestly positive occupancy trends (up 2%) despite rate increases.

Profitability is also coming in fairly well. Operating profits rose nearly 14% and earnings before interest, taxes, depreciation and amortization (EBITDA) climbed about 11% this quarter. On an adjusted basis, EBITA was up a more modest 9%, but still slightly more positive on balance than many analysts had expected. (For related reading, see A Clear Look At EBITDA.)

Read more at:
http://stocks.investopedia.com/stock-analysis/2011/Should-Value-Investors-Check-Into-Marriott--MAR-DIS-HOT-WYN-IHG-HMIN1011.aspx

FinancialEdge: 7 Companies Facing Retiring CEOs

Change is an inevitable part of life, but it can be particularly disruptive when it comes to company leadership. With a new CEO comes a new set of priorities, a new way of doing things and a new perspective on what the company needs to do to remain competitive in its industry. Not all CEO transitions are traumatic or even transformative, but there is always that risk. While investors have had reason to expect a change in the CEO office at Apple (Nasdaq:AAPL) for some time, these other companies are likely to face transitions of their own in the not-so-distant future.
1. Berkshire Hathaway
It is difficult to find a more obvious example of a company that is not only facing the likelihood of a near-term CEO change, but also one that will fundamentally impact how the business operates. The current CEO and chairman, Warren Buffett, has shifted his position on succession a few times over the years, and currently it is expected that the investment functions that garner so much attention will likely be split among multiple people. Though Berkshire has an excellent roster of operating units, a change in leadership here is going to significantly alter how business is done. At present, Berkshire Hathaway can do things quickly and effectively in large part because Warren Buffett is Warren Buffett - and a handshake deal with him goes a long way with most people.


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http://financialedge.investopedia.com/financial-edge/0911/7-Companies-Facing-Retiring-CEOs.aspx#axzz1X2whDx73

REITs With Yield And Upside

As a general rule, there are only two common reasons to own real estate investment trust (REIT) shares - the normally above-average yields that these companies pay and the diversification benefits of incorporating real estate into a portfolio. In some cases, though, REITs can also provide above-average capital appreciation for risk-tolerant investors willing to buy in when things still look difficult. 

Although the REIT sector has generally recovered since the worst of the fall of 2008 and spring of 2009, the recovery seems to have flattened out this year. Does that mean it is time for investors to consider this sector again, or is the uncertain state of the economy an argument for waiting a little longer?

Hospitality Properties Trust (NYSE:HPT)
With a healthy-looking 8% yield, this owner of hotels and travel centers (truck stops) would seem to be another way to play the eventual recovery in economic activity, particularly business and leisure travel. Unfortunately, the mid-priced travel industry is still taking its licks and operators like Marriott (NYSE:MAR) continue to struggle to fill rooms. Overcapacity in the hotel space and an inability of operators to meet minimum rent thresholds are certainly threats to the dividend, but risk-tolerant investors might look to this idea as a double play on both income and economic recovery. 

Please click the link to read the full piece:
http://stocks.investopedia.com/stock-analysis/2010/REITs-With-Yield-And-Upside-HPT-LRY-DRE-MAR-SPG-SLG-PSA1007.aspx