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NCI Building Systems Inc. Message Board

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  • bullshoot20011 bullshoot20011 Nov 10, 2009 12:49 PM Flag

    decoro

    Dave/Modern,

    Thoughts on BEE as of today....

    I just read that they sold their Mexico City property (Four Seasons) to Meridia Capital for $54 million or $225,000 per room.

    I am sure you would agree that in their portfolio of properties the Four Seasons are on the highest end of price per room....if you apply this price to their 8,118 rooms remaining and net out their debt, equity is negative...

    I've been thinking of investing in BEE but it would seem they have significant downside at this point...I realize there are no immediate debt maturities but I am worried that the bluk of their portfolio was built over the boom years and just paid to much for them....they paid $700,000+ per room for the Washigton DC Four Seasons...they just sold a similar property for $225,000 per room...yikes!

    Thoughts?

 
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