Are strings in string theory actually little black holes?

I sometimes read that strings in string theory are actually little black holes, or can be interpreted that way. Is this true? How is that consistent with that the particle that a string represents depends on the oscillation of the string? I have read that here:

http://www.staff.science.uu.nl/~hooft101/gthpub/BH_interpretation_stringtheory.pdf

here: What is your simplest explanation of the string theory?

(Maimon's answer)

And this: Does gravity require strings? (Also Maimon's answer)

Maimon is refering to a paper in "Under the spell of the gauge principle" by 't Hooft.

The abstract of this paper is:

"ABSTRACT

We explain the principles of the laws of physics that we believe to be applicable for the quantum theory of black holes. In particular, black hole formation and evolution should be described in terms of a scattering matrix. This way black holes at the Planck scale become indistinguishable from other particles. This S-matrix can be derived from known laws of physics. Arguments are put forward in favor of a dlscrete algebra generating the Hilbert space of a black hole with its surrounding space-time including surrounding particles."