Preferred shares of hotel REITs may offer investors an opportunity to recover losses, William Cowie writes in a Seeking Alpha commentary. "Almost all seem to have the same variables, i.e., a $25 issue/redemption price, a dividend around $2 per share and almost all appear to be cumulative, meaning that if the company skips the dividend, it goes on the tab, and they can't pay out any dividends to anyone else before clearing the tab. And if they make any money, they have to distribute it as dividends, so sooner or later those dividends are all going to get paid," he writes.

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