apjapj, don't know where you get your numbers from but according...

apjapj, don't know where you get your numbers from but according to a few of my sources the debt level is not an issue in fact net debt to equity is around 22% which is good and you can use the current ratio and quick ratio to test their short term liquidity.Current assets acceed short term liabilities so a tick there for sure.They are fine in this aspect so debt not a problem.Not sure what you ar refering to about the debt within their structures i.e HVN franchisees maybe you can be a bit more specific here and give some examples if possible i would like to see them if you can.

In a nutshell the prices your paying today for hvn is pritty much below what their property portfolio is worth. I'll continue to hold and buy if they drop more.I think in 4-5 years time you'll thank me for buying at these prices cause the lower you pay the higher your return.If you have a longer term view then around these levels are good buying opportunities inclu the margin of safety.