A Favorable Outlook on Lodging C-Corps and the Timeshare Industry: A Wall Street Transcript Interview with Simon Yarmak, a Vice President in the Real Estate Sector, Covering Lodging and Triple-Net Companies, at Stifel, Nicolaus & Co., Inc.

67 WALL STREET, New York - December 2, 2013 - The Wall Street Transcript has just published its Gaming and Leisure Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

Topics covered: U.S. Regional and Emerging Market Hospitality - Gaming Opportunities In Asian Markets - Macau VIP and Mass Market Gaming - Lodging C-Corporations - Timeshare Industry Recovery - Regional Casino Development

Companies include: Starwood Hotels & Resorts Worl (HOT), Marriott International, Inc. (MAR), Wyndham Worldwide Corporation (WYN), Choice Hotels International In (CHH), The Blackstone Group (BX), Host Hotels & Resorts Inc. (HST), Goldman Sachs Group Inc. (GS)

In the following excerpt from the Gaming and Leisure Report, an experienced real estate research analyst discusses the outlook for the sector for investors and provides his top stock picks:

TWST: Why don't we start with a brief overview of your coverage universe?

Mr. Yarmak: I started six years ago at Stifel as an Associate covering the apartment, student housing and self-storage REIT sector. A year later I picked up the lodging REITs. In May, I expanded our coverage and rolled out on the lodging C-Corps. We'd originally covered Starwood (HOT) and Marriott (MAR), and we've added Hyatt (H), Wyndham (WYN), Marriott Vacations (VAC) and Choice (CHH). I also cover the triple-net REITs and support our Lead Analyst on the lodging REITs.

TWST: What's your overall sentiment on the space right now, and what's driving your thinking?

Mr. Yarmak: I think we're three and half years into a recovery, which began in early 2010. Generally lodging cycles last five to seven years. We believe we are in the middle innings of an extended cycle. Despite uninspiring domestic economic growth, demand remains healthy.

Some of the demand can be attributed to international visitors traveling to key gateway cities. The State Department continues to make the visa process more user friendly. Supply growth is still below long-term trends and will likely continue to be muted for a while. Favorable supply/demand dynamics should result in strong fundamentals for the next few years.

The only hiccup for the industry is that the group and convention segment continues to grow slowly in this recovery, but we believe it could be up mid- to high single digits next year. After experiencing RevPAR growth of 8.2% in 2011, 6.8% in 2012 and about 5.5% this year, major industry forecasters project that RevPAR could still grow 4.0% to 7.0% in 2014, 2015 and 2016. The aforementioned favorable supply/demand dynamics should result in strong RevPAR growth for the next few years.

TWST: As you look ahead, what are you hearing about the future of supply side?

For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.