UBS Warburg downgraded its ratings on several hotel companies as businesses plan to cut back on employee travel and consumer confidence falls. UBS downgraded Host Marriott Corp. and Starwood Hotels & Resorts Worldwide to hold from strong buy. Choice Hotels International, Four Seasons Hotels, Hilton Hotels Corp., Innkeepers USA Trust, Marriott International, MeriStar Hospitality Corp. and MeriStar Hotels & Resorts were downgraded to hold from buy. UBS also lowered its 2001 and 2002 earnings projections, noting that lodging stock prices are likely to fall as expenditure growth moderates.
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