Word: ipos
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...Hyatt's upcoming IPO gutsy or foolhardy...
...lowest like this, it's probably not the best time to go to the market and expect to get a huge payoff," says Mark Lunt, a principal in Ernst & Young's hospitality advisory practice. "It would appear that this is early in the cycle to have a hotel IPO...
...This would not be my choice for [an IPO] window," concurs Jim Butler, chairman of the global-hospitality group at Jeffer, Mangels, Butler & Marmaro LLP. (See TIME's Travel page for city guides, stories and advice...
...believe that the next five years will be one of the most attractive real estate investment periods in the past 50 years," says Starwood Property Trust Inc. (STWD), an affiliate of closely-held Starwood Capital Group, in its July 29 IPO filing. The company, which is headed by real estate mogul Barry Sternlicht and went public last week, believes real estate became "significantly overpriced" in the go-go years of the past decade, and that "a significant price correction" is under...
...investors have been cautious on the group, giving only lukewarm receptions to four entities that recently went public in the sector: PennyMac raised only $335 million in its IPO - less than half of the $750 million it had expected - and its stock fell below its opening price after trading began; Invesco Mortgage Capital Inc. (IVR) raised $170 million; and Cypress Sharpridge Investments (CYS) grabbed $100 million. Starwood fared better, raising $810 million - the second largest IPO this year - but its share price also slipped below its IPO price the first day. (See which businesses are bucking the recession...