NEW YORK (TheStreet) -- Host Hotels & Resorts (HST) shares are up 0.72% to $19.55 in afternoon trading on Tuesday after the company announced the $400 million acquisition of the 643 room luxury collection resort the Phoenician in downtown Scottsdale, AZ.
Additionally, the company announced that it completed the sale of Sheraton Needham for $54 million.
"I am very excited to announce the progress we have made on a number of fronts. I am proud of our team's accomplishments to create value for stockholders through a major accretive acquisition at a significant discount to replacement cost, asset sales that increase the overall quality of our portfolio, stock repurchases and continuing progress on our redevelopment projects," said CEO W. Edward Walter.
TheStreet Ratings team rates HOST HOTELS & RESORTS INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate HOST HOTELS & RESORTS INC (HST) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, good cash flow from operations and notable return on equity. We feel its strengths outweigh the fact that the company has had sub par growth in net income."
Highlights from the analysis by TheStreet Ratings Team goes as follows: