There's a lot of musical chairs going on.
Offers will probably get toward $50 (per share), but probably not much above that. We still haven't heard from Colony or Columbia Sussex.
It was a really good quarter. It seemed to be driven by better results out of New Orleans .... and the Caesar's integration into Total Rewards appears to be capturing a lot of customers.
In our view, shares could face near-term pressure as the company works through high start-up costs associated with Red Rock, increases in promotional spending, and competitive responses.
Strategically this deal makes sense. Hilton not only integrates the international component of the Hilton brand, but allows for development of non-Hilton brands outside of the United States.
In some cases, private valuations have surpassed public valuations in the hotel business. I'm surprised this didn't happen sooner.