Unfortunately, almost immediately after upgrading our recommendation last issue/Mar 04 (Speculative Buy to $0.55 - $0.54), the stock price of this hotel owner jumped and is now up 19%. Many subscribers wouldn't have even had a chance to read the update, let alone buy some shares. It's a shame but that's just the way the world works sometimes and there isn't a lot we can do about it. The big jump related to some large volumes in the normally lightly-traded stock. Parker Global Strategies, which last year agitated unsuccessfully for boardroom change at Grand Hotel, sold down its 12% stake and Westpac, which owned a similar stake, did likewise. The mysterious buyer was merchant banker Babcock & Brown, a group which has a track record of buying stakes in undervalued stocks and encouraging management changes. Due to the price rise, we're once again downgrading our recommendation. But with Babcock & Brown on board, and a still reasonable valuation, we're happy to HOLD FOR THE UPSIDE.