Industries
Hotels & Lodging
All research in Hotels & Lodging — 8 reports.
32/100
Norwegian Cruise Line Holdings: A Deep Value Study
A highly leveraged, capital-intensive second-tier cruise operator whose demand has recovered but whose moat is weaker than the leaders. At the current price of $18.34, the stock sits inside its fair-value range with an insufficient margin of safety. Rating Watch: a recovery story that does not yet give conservative long-term investors enough room for error; ideal entry $12–15.
36/100
Wynn Resorts Deep Value Investment Research
Wynn Resorts owns high-quality luxury resort assets in Macau, Las Vegas, and Boston, with 2025 revenue of $71.4B and operating cash flow of $1.35B, but also carries $10.52B of debt and negative shareholders' equity. At the current price of $101.22, the stock sits near the midpoint of fair value, with conservative value at $70 to $85, an ideal buy range of $75 to $85, and an insufficient margin of safety. Report rating Watch: a quality cyclical asset, but not cheap enough for a conservative long-term investor.
34/100
MGM Resorts International: A Deep Value Investment Study
A high-quality gaming and entertainment asset, but the margin of safety is too thin. At the current price of $43.67, the stock sits above a conservative valuation and below a fair one; heavy fixed rent (roughly $1.8 billion over the next 12 months) and the $2.1 billion Osaka capital commitment squeeze distributable cash, leaving an ideal buy range of $35 to $40. Rating Watch: a quality operator in a difficult industry, worth tracking but not buying until the price offers a thicker cushion.
43/100
Las Vegas Sands: A Long-Term Business Owner's Perspective
Focused on Asian integrated resorts—five Macau properties plus Singapore's MBS. MBS alone generates over $2.9 billion in EBITDA, underpinning its scarcity, but at today's $51.06 the stock trades at roughly 20x conservative owner earnings against a $34-82 valuation band, leaving an inadequate margin of safety. Rating: Watch.
44/100
Royal Caribbean: A Deep-Dive Value Investing Analysis
The world's leading cruise operator, with 2025 revenue of $17.935 billion, ROIC of 18.0%, and Q1 2026 net yields up 3.6% year over year; but it remains asset-heavy, highly cyclical, and carries $21.1 billion of net debt, with a 2025 FCF conversion rate of 29%. Q1 2026 buybacks were executed at a high average price of $288, reflecting loose capital-allocation discipline. Ideal buy is $180-205; at the current $256.1 the margin of safety is insufficient. Rating: Watch.
47/100
Hilton Worldwide Holdings Deep-Dive Value Investment Research
A global hotel brand platform with 27 brands, 9,200+ properties, 1.33 million rooms, and 251 million Hilton Honors members. Its asset-light management and franchise model and 525,000-room development pipeline are excellent, but the current price of $321.08 already sits near the top of the optimistic valuation range, while its 2.7% FCF yield trails the 10-year Treasury. Report rating Watch: a high-quality compounder worth following, but not attractive enough for new capital at today’s price.
40/100
Carnival Deep-Value Investment Analysis
World's largest cruise operator: FY2025 revenue hit $26.622 billion with net income of $2.760 billion, and total debt has fallen to $26.004 billion (over $10 billion below the 2023 peak). At $25.98, shares trade below the neutral fair-value band of $28-38, but leverage and heavy capex remain elevated — Rating Watch: real recovery, not yet a bargain.
48/100
Marriott International Deep Value Analysis
Marriott is one of the highest-quality global asset-light hotel platforms. At about $370.56, the stock already prices in high-quality growth, with a fair intrinsic value range of $220 to $260 and an ideal buy range of $170 to $210. Rating Watch: a durable compounder, but the current price leaves too little margin of safety.