STAY - Park Hotels & Resorts a standout in BofA's deep dive into hotel reits

Bank of America lowers Choice Hotels International (CHH) to an Underperform from Neutral. BofA on CHH: "Management has executed and CHH’s franchised/leisure model led to relatively low levels of volatility in its business model, while its franchisees remain healthy. That said, during this stage of the recovery, we prefer the cyclical exposure of Marriott (MAR) and Hilton (HLT), while we still see room for Wyndham (WH) to close the valuation gap as another way to gain low-end hotel brand exposure." The firm also drops Host Hotels & Resorts (HST) and RLJ Lodging Trust (RLJ) to Underperform ratings from Neutral, saying it prefers the greater suburban exposure of Apple (APLE) and Summit Hotel Properties (INN). Pebblebrook Hotel Trust (PEB) and Sunstone Hotel Investors (SHO) are both upgrades to Buy from Neutral as it points to strong balance sheets and EBITDA margins.Extended Stay (STAY) is moved to a Buy rating from Neutral. "We

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Park Hotels & Resorts a standout in BofA's deep dive into hotel reits