Let's go inside out now on gaming stocks ahead of win and DraftKings earnings. Joining us now is Chad Bernan who's the senior gaming lodging and theaters analysts McQuary US equity research. Hey Chad, thanks so much for joining us.All right, so we've heard from a couple of these companies. We've got some others that are going to be reporting tomorrow. Let's just start with MGM as far as what we heard there.A solid quarter. What are you thinking now. >> Sure, absolutely.Thanks for having me. Yeah. So, number ...

Choice Hotels International, Inc. (NYSE:CHH) is one of the most undervalued travel stocks to buy according to hedge funds. On February 3, JPMorgan lifted the price target on Choice Hotels International, Inc. (NYSE:CHH) to $102 from $95 while maintaining a Neutral rating on the shares. The firm adjusted price targets in the lodging group as part of a fiscal Q4 preview, and told investors in a research note that investor expectations “appear reasonably set” with the U.S. lodging sector exhibiting mixed trend ...

Core Viewpoint - Summit Hotel Properties, Inc. has declared cash dividends for both common and preferred stock, reflecting a commitment to returning value to shareholders through consistent dividend payments [1][2][3]. Group 1: Common Stock Dividends - The Company has declared a cash dividend of $0.08 per share for the fourth quarter ended December 31, 2025, which translates to an annualized dividend yield of 6.6% based on the closing price on January 21, 2026 [1]. Group 2: Preferred Stock Dividends - A cash dividend of $0.390625 per share has been authorized for the Company's 6.25% Series E Cumulative Redeemable Preferred Stock for the period ending February 28, 2026 [2]. - Additionally, a cash dividend of $0.3671875 per share has been declared for the Company's 5.875% Series F Cumulative Redeemable Preferred Stock for the same period [2]. Group 3: Operating Partnership Distributions - The Company has also declared a cash distribution of $0.328125 per unit for the unregistered 5.25% Series Z Cumulative Perpetual Preferred Units for the distribution period ending February 28, 2026 [3]. - These dividends and distributions are payable on February 27, 2026, to holders of record as of February 13, 2026 [3]. Group 4: Company Overview - Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused on owning premium-branded lodging properties, primarily in the Upscale segment of the lodging industry [4]. - As of January 22, 2026, the Company's portfolio consists of 95 assets, including 52 wholly owned properties, with a total of 14,348 guestrooms located across 24 states [4].

Core Viewpoint - Sotherly Hotels Inc. has announced the approval of its merger with KW Kingfisher LLC, which is expected to close in the first quarter of 2026, with shareholders receiving $2.25 per share in cash [1][2]. Company Overview - Sotherly Hotels Inc. is a self-managed and self-administered lodging real estate investment trust (REIT) formed in August 2004, focusing on owning, acquiring, renovating, and repositioning full-service, primarily upscale and upper-upscale hotel properties in the mid-Atlantic and southern United States [3]. - The company owns ten full-service hotels located in seven states, totaling 2,786 hotel rooms, along with interests in two condominium hotels and their associated rental programs [3].

Company Overview - Host Hotels & Resorts, Inc. (HST) is a lodging real estate investment trust with a market cap of $12.8 billion, owning a diversified portfolio of luxury and upper-upscale hotels [1] Earnings Expectations - HST is scheduled to announce its fiscal Q4 earnings for 2025 on February 18, with analysts expecting an FFO of $0.47 per share, a 6.8% increase from $0.44 per share in the same quarter last year [2] - For the current fiscal year ending in December, analysts project an FFO of $2.06 per share, up 4.6% from $1.97 per share in fiscal 2024, while EPS is expected to decline by 1% year-over-year to $2.04 in fiscal 2026 [3] Recent Performance - HST's stock has gained 10.9% over the past 52 weeks, underperforming the S&P 500 Index's 13.7% return but outperforming the State Street Real Estate Select Sector SPDR ETF's 1% increase during the same period [4] - The company reported Q3 results on November 5, with revenue growing to $1.3 billion, aligning with consensus estimates, while adjusted FFO declined 2.8% year-over-year to $0.35, exceeding analyst expectations of $0.33 [5] Analyst Ratings - Wall Street analysts have a "Moderate Buy" rating on HST, with nine recommending "Strong Buy," one suggesting "Moderate Buy," and nine advising "Hold," with a mean price target of $19.91 indicating marginal potential upside [6]

Core Viewpoint - Sunstone Hotel Investors, Inc. will report its financial results for Q4 and full year 2025 on February 27, 2026, before market opens [1] Financial Reporting - The quarterly conference call will take place on the same day at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time) [1] - A live webcast of the call will be available on the Company's Investor Relations website, and a transcript will be archived [2] Company Overview - Sunstone Hotel Investors, Inc. is a lodging real estate investment trust (REIT) focused on creating long-term stakeholder value through the acquisition, active ownership, and disposition of well-located hotel and resort real estate [3]

Group 1 - The Conservative Income Portfolio focuses on value stocks with high margins of safety and utilizes well-priced options to reduce volatility [1] - The Enhanced Equity Income Solutions Portfolio aims to generate yields of 7-9% while minimizing volatility [1] - The investment group Trapping Value, with over 40 years of combined experience, emphasizes capital preservation and income generation through various portfolios, including Covered Calls and Fixed Income [2] Group 2 - The recent shift in investment strategy has moved towards fixed income, particularly in Treasuries and Corporate bonds, with a notable tax-advantaged yield play available at a 40% discount [2] - The Covered Calls Portfolio is designed for lower volatility income investing, while the Fixed Income Portfolio targets securities with high income potential and significant undervaluation [2]

Core Viewpoint - Summit Hotel Properties, Inc. will report its financial results for Q4 and the full year of 2025 on February 25, 2026, after market close, followed by a conference call on February 26, 2026, at 10:00 AM ET [1]. Company Overview - Summit Hotel Properties, Inc. is a publicly traded real estate investment trust (REIT) that focuses on owning premium-branded lodging facilities with efficient operating models, primarily in the upscale segment of the lodging industry [2]. - As of January 9, 2026, the company's portfolio includes 95 assets, with 52 wholly owned properties, totaling 14,348 guestrooms across 24 states [2]. Conference Call Information - To access the conference call, pre-registration is required, and registrants will receive confirmation with dial-in details [4]. - A live webcast of the conference call will be available, and a replay can be accessed on the company's website until May 1, 2026 [4].

Core Insights - Park Hotels & Resorts Inc. has released its annual Corporate Responsibility (CR) Report, emphasizing its commitment to responsible risk management, environmental stewardship, and social responsibility initiatives for 2024 [1][2] Group 1: Corporate Responsibility Initiatives - The company achieved a Prime rating from ISS ESG Corporate Rating and was recognized by Newsweek in 2025 as one of America's Greatest Companies, Most Responsible Companies, Most Trustworthy Companies, and World's Most Trustworthy Companies [1][2] - Park's first hotel LEED certification was obtained from the renovation of Tapa Tower at Hilton Hawaiian Village Waikiki Beach Resort in Honolulu, HI in 2025 [1] Group 2: Environmental and Risk Management Practices - The company enhanced its environmental data practices, achieving limited assurance of its environmental data for both 2024 and its 2019 baseline [2] - Park's GRESB Real Estate Assessment score increased by six points to 87 in 2025, ranking in the top 17% of all publicly listed GRESB participant companies in the Americas [3] Group 3: Future Goals and Frameworks - The CR Report aligns with various global frameworks, including TCFD, SASB, UN Sustainable Development Goals, and Global Reporting Initiative [2] - Future initiatives include the potential for additional LEED certifications and the planned integration of Park's first solar PV panel project at Hilton Waikoloa Village in Hawaii [2]

Core Insights - Pershing Square Capital Management, led by Bill Ackman, maintains a concentrated portfolio focused on high-conviction investments, emphasizing dominant franchises and long-duration cash flows [1][2] Portfolio Overview - The majority of capital is allocated to a few global compounders, with modest and selective position changes reflecting maintenance around core convictions rather than dramatic rotations [2][14] Key Holdings - **Uber Technologies (UBER)**: 30,270,518 shares valued at $2.97 billion, representing over 20% of the portfolio; slight reduction of 30,643 shares indicates rebalancing rather than a change in conviction [3][4] - **Brookfield Corp (BN)**: 41,020,231 shares valued at $2.81 billion, about 19% of assets; modest trim of 140,166 shares reinforces its status as a core compounding vehicle [5] - **Howard Hughes Holdings (HHH)**: 18,852,064 shares valued at $1.55 billion; unchanged position reflects patience in long-term real estate development strategy [6] - **Alphabet Inc. (GOOG)**: 6,324,031 shares valued at $1.54 billion; unchanged position highlights its role as a durable cash-generating franchise [7] - **Restaurant Brands International (QSR)**: 22,915,496 shares valued at $1.47 billion; slight reduction of 85,418 shares, yet remains a top holding with significant growth potential [8] - **Amazon.com (AMZN)**: 5,823,316 shares valued at $1.28 billion; unchanged position indicates confidence in long-term cash flow potential [9] - **Alphabet Inc. (GOOGL)**: 4,843,973 shares valued at $1.18 billion; reduction of 519,007 shares (-9.68%) reflects portfolio concentration management [10] - **Chipotle Mexican Grill (CMG)**: 21,541,177 shares valued at $844.2 million; unchanged position emphasizes operational excellence and brand-driven unit economics [11] - **Hilton Worldwide (HLT)**: 3,030,578 shares valued at $786.3 million; steady holding reflects confidence in asset-light lodging models [12] - **Seaport Entertainment Group (SEG)**: 5,023,780 shares valued at $115.1 million; stable position with no activity this quarter [13] Strategic Takeaways - The portfolio remains extremely concentrated, with the top five positions accounting for the majority of assets, reinforcing a preference for depth over breadth [14] - Changes in the portfolio were incremental, consisting mainly of small trims rather than aggressive repositioning [14] - High-quality compounders dominate the portfolio, with Uber, Brookfield, Alphabet, Amazon, and Chipotle anchoring it with durable cash flows [14] - Patience is a defining feature of the strategy, as minimal turnover and unchanged core positions reflect confidence in long-term investment theses [15]