LEGACY HOTELS REIT $9.43 (Toronto symbol LGY.UN; SI Rating: Extra Risk) owns 25 luxury hotels with over 10,700 guestrooms in Canada and the United States, including The Fairmont Royal York in Toronto and the Fairmont Le Château Frontenac in Quebec City.
In the three months ended September 30, 2006, Legacy’s revenues rose slightly, to $223 million from $221.6 million. Cash flow per unit rose 5.9%, to $0.36 from $0.34.
Legacy’s Canadian hotels get about a third of their revenue from U.S. tourists. Proposed new rules that would force U.S. travelers to carry a passport could hurt its revenue. However, a drop in the Canadian dollar would cut the cost of travel for U.S. tourists, offsetting the passport requirement. Meanwhile, the trust should generate enough cash to maintain its $0.32 distribution, which yields 3.4%.
Legacy may also profit by converting some hotels to condominiums.
Legacy Hotels REIT is a buy.
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