Sign in

    Jonathan Jenkins

    Research Analyst at B. Riley Securities

    Jonathan Jenkins is an equity analyst whose career includes analyst roles at firms such as Janney Montgomery Scott, where he has provided research coverage on companies like DiamondRock Hospitality, Chatham Lodging Trust, Hersha Hospitality Trust, Sunstone Hotel Investors, Braemar Hotels & Resorts, and Apple Hospitality REIT, all within the hotel REIT sector. His research has been cited in industry discussions, especially on workforce and compensation issues affecting lodging companies, although specific performance metrics or returns rankings are not publicly available. Jenkins's career timeline indicates coverage activity at least as recently as 2021, but there is no verifiable evidence of a position at B. Riley Securities or other prior employers. His professional credentials and FINRA registrations could not be confirmed based on available information.

    Jonathan Jenkins's questions to Braemar Hotels & Resorts (BHR) leadership

    Jonathan Jenkins's questions to Braemar Hotels & Resorts (BHR) leadership • Q1 2025

    Question

    Jonathan Jenkins asked about the group booking window, potential for increased cancellations, international travel exposure, opportunities for near-term margin growth, and the strategic rationale and expected CapEx for the Sofitel Chicago Magnificent Mile conversion.

    Answer

    Christopher Nixon, EVP and Head of Asset Management, stated the portfolio is well-insulated from macro headwinds, with only a slight shortening of the booking window and no significant impact on group business. He noted international inbound travel is a minimal part of the business. Nixon also expressed optimism for margin growth, citing cost containment, productivity improvements, and stabilizing wages. President and CEO Richard Stockton explained the Sofitel conversion to a franchise model makes the asset unencumbered, which should increase its value upon a potential sale. Christopher Nixon added that the planned renovations would require minimal CapEx.

    Ask Fintool Equity Research AI

    Jonathan Jenkins's questions to Braemar Hotels & Resorts (BHR) leadership • Q4 2024

    Question

    Jonathan Jenkins from Oppenheimer & Co. Inc. asked for more detail on the drivers of the strong January RevPAR growth, the long-term outlook for resort markets, and the current conditions of the hotel transaction market for high-quality assets.

    Answer

    Christopher Nixon, EVP and Head of Asset Management, attributed the strong January RevPAR to positive calendar shifts, strategic revenue management, and returns from recent capital investments. Richard Stockton, President and CEO, added that the resort segment is poised for steady growth skewed to the upside, driven by historically low new supply. Stockton also described the transaction market as strong, with well-capitalized buyers and attractive debt markets fueling activity.

    Ask Fintool Equity Research AI

    Jonathan Jenkins's questions to Braemar Hotels & Resorts (BHR) leadership • Q3 2024

    Question

    Jonathan Jenkins asked about the underlying impact of the demand mix shifting towards corporate travel and how the strong group outlook might affect that balance going forward. He also questioned if the post-Labor Day corporate demand strength was a new inflection point, the election's impact on the portfolio, the state of the hotel transaction market, and any changes in refinancing conversations.

    Answer

    Christopher Nixon, EVP and Head of Asset Management, detailed that the strong Q1 2025 group pace, up nearly 40%, is favorably layered into historically softer periods. He confirmed softer leisure trends are being offset by a 12% year-over-year increase in corporate revenue, which saw a slight acceleration post-Labor Day. Richard Stockton, President and CEO, added that the transaction market is improving as recession fears fade, with broker valuations on assets coming in surprisingly high. Deric Eubanks, an executive, noted that while large banks are sidelined, the CMBS market is providing attractive financing with spreads coming down.

    Ask Fintool Equity Research AI

    Jonathan Jenkins's questions to Chatham Lodging Trust (CLDT) leadership

    Jonathan Jenkins's questions to Chatham Lodging Trust (CLDT) leadership • Q1 2025

    Question

    Jonathan Jenkins asked about the portfolio's exposure to international inbound travel, the expected contribution of ADR versus occupancy to the full-year RevPAR guidance, and the company's target markets or asset types for potential acquisitions.

    Answer

    Executive Jeffrey Fisher stated that the company's exposure to international travel is 'pretty light,' primarily concentrated in Silicon Valley, and that being outside major gateway cities insulates them from significant impacts. Regarding guidance, Executive Dennis Craven indicated that with a flat RevPAR midpoint, he expects minimal movement in either ADR or occupancy. Fisher added that any ADR slippage would be isolated to specific hotels backfilling lost high-rate government business. For acquisitions, Fisher emphasized a strategic goal to diversify the portfolio into new markets to reduce reliance on tech-heavy regions and decrease cash flow volatility, provided they can acquire newer assets at accretive cap rates.

    Ask Fintool Equity Research AI

    Jonathan Jenkins's questions to Chatham Lodging Trust (CLDT) leadership • Q4 2024

    Question

    Jonathan Jenkins sought clarification on the drivers of 2025 RevPAR growth, asking if it would be primarily led by occupancy. He also inquired about the company's capital recycling strategy, including whether there are more assets targeted for disposition and if the company plans to enter new markets or focus on existing ones for acquisitions.

    Answer

    Executive Jeremy Wegner clarified that the RevPAR growth forecast is balanced, with contributions split roughly half-and-half between occupancy and ADR. Executive Jeffrey Fisher stated that the acquisition strategy remains focused on business-travel and extended-stay hotels but that the company is open to exploring opportunities in new markets. Executive Dennis Craven confirmed that Chatham will continue its strategy of recycling older assets that require significant capital into newer, higher-growth investments.

    Ask Fintool Equity Research AI

    Jonathan Jenkins's questions to Chatham Lodging Trust (CLDT) leadership • Q3 2024

    Question

    Jonathan Jenkins inquired about the drivers behind recent RevPAR strength, the company's target leverage, its capital recycling strategy through asset sales, and potential catalysts for accelerating acquisitions. He also asked for real-time commentary on the hotel transaction market, including pricing and volume.

    Answer

    Executive Jeffrey Fisher attributed the Q4 RevPAR pickup to a post-summer return of corporate business travel. Executive Dennis Craven stated that a comfortable leverage target would be in the 4.75x to 5.25x range, above the current 4.2x. Fisher emphasized a renewed focus on capital recycling, selling older assets to acquire newer hotels, reduce CapEx, and enhance growth. He also noted that while the transaction market hasn't seen dramatic shifts, broker activity is increasing as sellers look to test the market.

    Ask Fintool Equity Research AI

    Jonathan Jenkins's questions to Service Properties Trust (SVC) leadership

    Jonathan Jenkins's questions to Service Properties Trust (SVC) leadership • Q1 2025

    Question

    Jonathan Jenkins inquired about the monthly progression of RevPAR trends during the quarter, the impact of international and government demand, the confidence level in the planned hotel dispositions, and the long-term strategic vision for SVC's portfolio mix between hotel and net lease assets.

    Answer

    President and CEO Christopher Bilotto detailed that Q1 RevPAR decelerated monthly, with April showing a preliminary 1% year-over-year decrease. He noted that while government and international travel created some headwinds, strong group revenue pace and post-renovation performance are bright spots. Bilotto expressed high confidence in the phased hotel dispositions, citing a robust bidding process. He clarified that while SVC will continue to have hotel exposure, the plan is to grow the net lease segment more significantly over time. CFO Brian Donley confirmed that proceeds from asset sales are still earmarked for repaying 2026 debt maturities.

    Ask Fintool Equity Research AI

    Jonathan Jenkins's questions to ASHFORD HOSPITALITY TRUST (AHT) leadership

    Jonathan Jenkins's questions to ASHFORD HOSPITALITY TRUST (AHT) leadership • Q1 2025

    Question

    Jonathan Jenkins from B. Riley Securities inquired about recent portfolio performance, including monthly RevPAR trends, the impact of calendar shifts, and the nature of demand volatility. He also asked for an update on the GRO AHT initiative's progress, the status of the BAML Island loan, and the company's strategy for potential asset dispositions.

    Answer

    Christopher Nixon, Executive Vice President and Head of Asset Management, explained that January was the strongest month, but short-term softness followed, particularly in the D.C. government segment, which is being backfilled with other business. He confirmed international exposure is minimal (<5%) and recent volatility is not structural. Stephen Zsigray, President and CEO, noted that while the easiest cost savings for the GRO AHT initiative have been captured, significant opportunities remain, and he is confident in reaching the $50 million goal. Zsigray also stated they expect a favorable resolution for the BAML Island loan and have shifted their asset sale strategy to be more opportunistic, targeting $50-$75 million in equity value to deleverage.

    Ask Fintool Equity Research AI

    Jonathan Jenkins's questions to ASHFORD HOSPITALITY TRUST (AHT) leadership • Q1 2025

    Question

    Jonathan Jenkins inquired about several key areas, including the monthly progression of RevPAR in the quarter, the impact of calendar shifts, and the company's exposure to international and government demand. He also asked for an update on the GRO AHT initiative's progress toward its $50 million goal, the status of the BAML Island loan maturity, and the company's current strategy for asset dispositions.

    Answer

    Christopher Nixon, Executive Vice President and Head of Asset Management, explained that while January was strong, some short-term softening occurred in specific markets, which the company is managing by backfilling business. He noted that international demand exposure is minimal (<5%) and government demand is largely isolated to D.C. President and CEO Stephen Zsigray expressed high confidence in achieving the GRO AHT goal, highlighting over $10 million in remaining corporate-level improvements. Zsigray also confirmed a forbearance agreement for the BAML Island loan and detailed a revised disposition strategy focused on select-service and underperforming assets to raise $50-$75 million in equity value.

    Ask Fintool Equity Research AI

    Jonathan Jenkins's questions to ASHFORD HOSPITALITY TRUST (AHT) leadership • Q1 2025

    Question

    Jonathan Jenkins inquired about several key areas, including monthly RevPAR progression and the impact of calendar shifts on Q1 and Q2. He also asked for quantification of the portfolio's exposure to international and government travel, and whether recent demand volatility was temporary. Additionally, Jenkins sought an update on the GRO AHT initiative's progress toward its $50 million goal, the status of the BAML Island loan, and the company's current strategy for asset dispositions.

    Answer

    Executive Vice President and Head of Asset Management, Christopher Nixon, detailed that January was the strongest month, with subsequent softening attributed to short-term factors and specific market dynamics in Washington, D.C. He confirmed that international exposure is minimal (<5%) and government-related softness is being successfully backfilled. President and CEO Stephen Zsigray addressed the strategic initiatives, stating that while the 'low-hanging fruit' of the GRO AHT plan has been captured, significant opportunities remain, and he is confident in reaching the $50 million goal. Zsigray also noted they have a forbearance agreement for the BAML Island loan and expect a favorable resolution. Regarding asset sales, he explained that paying off corporate financing has allowed for a more opportunistic approach, targeting $50 million to $75 million in equity value from select-service and underperforming full-service hotels.

    Ask Fintool Equity Research AI

    Jonathan Jenkins's questions to RLJ Lodging Trust (RLJ) leadership

    Jonathan Jenkins's questions to RLJ Lodging Trust (RLJ) leadership • Q4 2024

    Question

    Jonathan Jenkins questioned if the strong performance of hotel conversions might prompt an acceleration of the current two-per-year cadence and asked for an outlook on the 2025 transaction market.

    Answer

    EVP and CFO Sean Mahoney responded that the two-per-year conversion cadence is optimal for managing CapEx and contract optionality. President and CEO Leslie D. Hale described the transaction market as choppy with a wide bid-ask spread, expressing cautious optimism for improvement in the second half of the year as market volatility potentially subsides.

    Ask Fintool Equity Research AI

    Jonathan Jenkins's questions to RLJ Lodging Trust (RLJ) leadership • Q3 2024

    Question

    Jonathan Jenkins asked if the post-Labor Day corporate demand was a sharp inflection or a steady improvement, questioned the drivers for the implied softer Q4 outlook, and inquired about the current transaction pipeline and bid-ask spreads.

    Answer

    President and CEO Leslie D. Hale characterized the business transient demand improvement as steady, not a step change. Regarding Q4 guidance, she explained that Q3 was stronger and Q4 softer due to hurricane impacts in October and election-related softness in November. She noted the transaction market remains constrained and choppy with a wide bid-ask spread, expecting potential improvement in the back half of 2025.

    Ask Fintool Equity Research AI

    Jonathan Jenkins's questions to PLYA leadership

    Jonathan Jenkins's questions to PLYA leadership • Q1 2024

    Question

    Asked for a comparison of the current Jamaica travel advisory disruption to past events, the booking window for MICE business in Jamaica and its potential 2025 implications, and for an update on the relationship with Hyatt, including the percentage of redemption stays.

    Answer

    The impact from the Jamaica advisory is substantial and comparable to a 2019 issue in the DR, with a significant negative swing in RevPAR expectations. MICE business books 12-18 months out, so there could be a 2025 impact. The relationship with Hyatt remains very good and mutually beneficial, with redemption stays accounting for a low to mid-single-digit percentage of Hyatt business.

    Ask Fintool Equity Research AI