January 11, 2000
NEW YORK (BUSINESS WIRE) - Bear Stearns senior managing director and lodging analyst, Jason Ader, upgraded his
outlook on the entire lodging sector Monday. With many investors rotating their allocations into different sectors,
Ader believes the lodging industry warrants serious consideration. "After 2 years of disappointing growth,
this industry is poised for a rebound," says Ader. Despite sluggish stock prices, Ader points out that the
lodging industry has proven cash flow capabilities and growth potential. "At this point lodging stocks are
undervalued relative to many other industry groups in the market."
Three of the stocks Ader has highlighted are being upgraded from "Neutral" to "Buy", they include;
Four Seasons (NYSE:FS), Marriott (NYSE:MAR) and Hilton (NYSE:HLT). Ader also reiterated his "Buy" rating
on Starwood Hotels and Resorts (NYSE:HOT).
Ader, the first analyst on the street to make this call, believes the downside risk of these companies is very
limited. "This sector should rebound, and when it does these are the stocks investors should own."
For more information or to speak with Jason Ader, please contact:
Christina Conde Russell Sherman Bear Stearns Bear Stearns 212-272-4320 212-272-5219
Jason Ader is a senior managing director responsible for equity research coverage of the Gaming, Lodging and Leisure
industries. His division covers a universe of over 100 public companies. According to Institutional Investor, Mr.
Ader is the only leading analyst to be ranked in both gaming and lodging and has been a member of that publication's
"All-America Research Team" for the past five years. In 1999, Mr. Ader was named one of New York City's
"Forty Under Forty" by Crain's New York Business Magazine.
Founded in 1923, Bear, Stearns & Co. Inc. is a leading worldwide investment banking and securities trading
and brokerage firm, and the major subsidiary of The Bear Stearns Companies Inc. (NYSE:BSC). With approximately
$21.4 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide.
The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed
income sales and trading, private client services, derivatives, foreign exchange and futures sales and trading,
asset management and custody services. Through Bear, Stearns Securities Corp., it offers professional and correspondent
clearing, including securities lending. Headquartered in New York City, the company has over 10,000 employees located
in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, Puerto Rico and San Francisco; and an international
presence in Beijing, Buenos Aires, Dublin, Hong Kong, London, Lugano, Sao Paulo, Shanghai, Singapore and Tokyo.
For additional information about Bear Stearns, please visit our Web site at http://www.bearstearns.com.
Any recommendation contained in this report may not be suitable for all investors. Moreover, although the information
contained herein has been obtained from sources believed to be reliable, its accuracy and completeness cannot be
guaranteed. Bear Stearns may make markets and effect transactions, including transactions contrary to any recommendations
herein, or have positions in the securities mentioned herein (or options with respect thereto) and may also have
performed investment banking services for the issuers of such securities. In addition, employees of Bear Stearns
may have positions and effect transactions in the securities or options of the issuers mentioned herein and may
serve as directors of such issuers. Copyright (c) 1999. All rights reserved by Bear, Stearns & Co. Inc.
Contact: For more information or to speak with Jason Ader: Christina Conde Russell Sherman Bear Stearns Bear Stearns
212-272-4320 212-272-5219