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Thank you for all of your response. 
HR should enjoy a bumper year (barring unforeseen events). Its results in 2010 was partly affected by losses in the Malaysian rental and hotel assets. With the refurbishment completed in Sept 2010, they should at least break even or even turn in some profits. The residential development project should add in small income stream in the coming year.
I noticed Pan Pacific generated core ROE of 5.8% while Mandarin Oriental generated core ROE of 4.9% despite both having similar gearing level as HR. HR core ROE level averages at 2.5-3% annually.
HR potential for huge capital gains cannot be discounted. The divestment of Dapenso building in 2007 gave rise to massive profits. I recall St****** received a huge offer for its hotel assets prior the crisis. I do agree that Hotel stocks are good asset plays.
HR should enjoy a bumper year (barring unforeseen events). Its results in 2010 was partly affected by losses in the Malaysian rental and hotel assets. With the refurbishment completed in Sept 2010, they should at least break even or even turn in some profits. The residential development project should add in small income stream in the coming year.
I noticed Pan Pacific generated core ROE of 5.8% while Mandarin Oriental generated core ROE of 4.9% despite both having similar gearing level as HR. HR core ROE level averages at 2.5-3% annually.
HR potential for huge capital gains cannot be discounted. The divestment of Dapenso building in 2007 gave rise to massive profits. I recall St****** received a huge offer for its hotel assets prior the crisis. I do agree that Hotel stocks are good asset plays.
Disclaimer: Please feel free to correct any error in my post. I am not liable for anything. Do your own research and analysis. I do NOT give buy or sell calls and stock tips. Buy and sell at your risk. I am not a qualified financial adviser so I do not give any advice. The postings reflects my own personal thoughts which may or may not be accurate.