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    IHG   GB00BHJYC057

INTERCONTINENTAL HOTELS GROUP PLC

(IHG)
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Intercontinental Hotels : Hotel owner IHG says business travel returning after busy summer season

10/22/2021 | 02:35am EST
General view of an Intercontinental Hotel at the O2 in London

Oct 22 (Reuters) - IHG said on Friday it was seeing encouraging signs of recovery in business and international travel, with strong corporate bookings in the United States as the Holiday Inn owner's room revenue inches closer to pre-pandemic levels.

The owner of the Crowne Plaza, Regent and Hualuxe hotel chains said hotel room revenue (RevPAR), a key performance indicator, rose 66% in the third quarter, with the United States down just 7% from 2019 levels after a busy summer season.

"Domestic leisure demand was particularly strong in a number of markets over the summer, where occupancy and rate climbed back to 2019 levels," Chief Executive Officer Keith Barr said.

IHG said it was encouraged by signs of an uplift in business travel, group bookings and international trips during September.

Companies in the travel and hospitality industry around the world are recovering from the pandemic, as higher vaccination rates and an easing in restrictions spur an uptick in business and leisure travel.

However, renewed lockdowns due to the spread of the highly-contagious Delta variant, together with pre-flight COVID-19 tests as well as remote work options, still pose a significant constraint for the sector.

Revenue in IHG's Americas region, which account for the bulk of the group's revenue, rose 76% in the quarter and was down 10% compared to 2019.

In China, like other hotel operators such as Marriott International, IHG saw a hit in August from new restrictions.

IHG shares were down 1.5% by 0725 GMT, with Citi analyst James Ainley saying it reflected the company's underperformance as compared to industry data.

"(IHG's) key Crowne Plaza and Holiday Inn brands in particular weak relative to their segments," Ainley added.

IHG has been reviewing around 200 Holiday Inn and Crowne Plaza hotels to save cost and position itself for growth post COVID-19. It has exited or confirmed the exit of 90 hotels already, it said on Friday.

It is targeting an additional $25 million in cost savings this year. (Reporting by Federico Maccioni in Gdansk and Yadarisa Shabong in Bengaluru; Editing by Rashmi Aich and Edmund Blair)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
INTERCONTINENTAL HOTELS GROUP PLC -3.28% 4449 Delayed Quote.-1.92%
MARRIOTT INTERNATIONAL, INC. -2.13% 147.56 Delayed Quote.14.29%
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Financials (USD)
Sales 2021 1 404 M - -
Net income 2021 200 M - -
Net Debt 2021 2 327 M - -
P/E ratio 2021 41,0x
Yield 2021 0,44%
Capitalization 8 039 M 10 644 M -
EV / Sales 2021 7,38x
EV / Sales 2022 5,52x
Nbr of Employees 12 832
Free-Float 93,5%
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Technical analysis trends INTERCONTINENTAL HOTELS GROUP PLC
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 44,49 $
Average target price 71,04 $
Spread / Average Target 59,7%
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Managers and Directors
Keith Barr Chief Executive Officer & Director
Paul Edgecliffe-Johnson Chief Financial Officer & Director
Patrick Jean-Pierre Cescau Non-Executive Chairman
George Turner EVP, Chief Technology & Commercial Officer
Dale F. Morrison Senior Independent Non-Executive Director
Sector and Competitors