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Prudential Cuts Three Hotel Stocks

Prudential downgraded LaSalle Hotel (LHO ), Felcor Lodging (FCH) and

Host Marriott (HMT ) to hold from buy.

Analyst Jim Sullivan says he downgrades the Hotel REIT sector to

market perform from market outperform. He feels at this time

stocks in this sector appear to be fully priced given negative

industry trends in the weak economy. He is seeing a rise in bookings and attrition, which he says makes it difficult for him to remain confident on the group given its downside

risk to EPS. He expects these stocks to trade sideways from here, although they still have attractive dividend yields and healthy balance sheets.

Sullivan cut the $2.62 LaSalle 2001 EPS estimate to $2.55, and trimmed the $2.85 2002 to $2.70. He cut the $20 target to $18.

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