|Bid||58.44 x 1000|
|Ask||58.47 x 800|
|Day's Range||58.22 - 59.11|
|52 Week Range||53.57 - 71.02|
|Beta (3Y Monthly)||0.89|
|PE Ratio (TTM)||25.32|
|Forward Dividend & Yield||1.18 (1.96%)|
|1y Target Est||69.20|
The British pound was nearly steady Friday ahead of Parliament’s knife-edge’s vote on the Brexit deal agreed by U.K. Prime Minister Boris Johnson and the European Union.
Protests and unrest that have disrupted Hong Kong for over four months are weighing on the results of major hotel operators and spirits makers as fewer tourists are visiting the city.InterContinental Hotels Group (IHG), the operator of the Crowne Plaza and InterContinental hotels in Hong Kong, both reported this week declines in revenue per available room in their Asia-Pacific operations in the third quarter, citing in part the unrest in Hong Kong.Remy Cointreau, the maker of Remy Martin cognac and Mount Gay rum, separately said on Friday that a fall in tourism in Hong Kong cut into its sales in the company's fiscal first half ended in September. Organic sales fell 4 per cent in the period from July to September, after falling 3 per cent in the April to June quarter, the French spirits maker said.Cognac sales from its Remy Martin brands "suffered from the fall in tourism in Hong Kong and from slower than anticipated stock replenishment by retailers in the United States," Remy Cointreau said. "This performance masks continued steady demand for our cognacs and an excellent Mid-Autumn Festival in China." Hotel investors shun struggling Hong Kong for shining SingaporeThe protests began in June over the now-abandoned extradition bill have begun to weigh on retailers, restaurants and tourism-related industries as increasingly violent clashes with police have discouraged people from eating out and visiting the city.Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor said last month that she would formally withdraw the bill, but that has done little to stem the disruptions, including more radical demonstrators targeting the MTR railway stations and mainland-affiliated businesses with vandalism.As the unrest has intensified, tourism visits to Hong Kong have collapsed this summer.Visitors to Hong Kong dropped by 39 per cent in August after falling 5 per cent in July, according to the latest figures from the government. Food deliveries up as Hongkongers stay home amid protestsMainland Chinese " the largest category of tourists to Hong Kong annually " also are coming to the city less than in the past, with visits falling by 42 per cent in August to 2.78 million visitors. More than 4.8 million mainlanders visited Hong Kong in August 2018.As part of her policy address on Wednesday, Lam said the city's economy had fallen into a "technical recession" since the end of the third quarter. Lam has announced a series of measures to help small and medium-sized businesses and said the government would, when necessary, introduce other measures to help enterprises and the public tide over difficult times.S&P; Global Ratings said in a report last week that the city's hotel industry will "bear the brunt" of the effect of the unrest on the city's economy."August's occupancy rate fell to 66 per cent and could further drop," Esther Liu, a S&P; credit analyst, said in an October 8 research report. "This compares favourably with hotel occupancy rates during [the severe acute respiratory syndrome (Sars) outbreak in 2003], which dropped to below 20 per cent at the worst of the outbreak."Remy Cointreau said cognac sales of its Remy Martin brands suffered from the fall in tourism in Hong Kong. Photo: Shutterstock alt=Remy Cointreau said cognac sales of its Remy Martin brands suffered from the fall in tourism in Hong Kong. Photo: ShutterstockThe drag on retail could also be "substantial", as tourist spending has dropped and local consumption has slowed," the ratings agency said."Luxury retail has already taken a hit, with high-street rents in major protest areas dropping over 30 per cent to 40 per cent from their peak, with some landlords willing to offer short-term leases at below-market rates while waiting for longer-term tenants," Liu said.On Friday, IHG said its revenue per available room dropped 36 per cent in Hong Kong in the three months ended in September. Revenue per available room was down 2 per cent in the quarter in IHG's mainland China operations because of fewer corporate and meetings being partly offset by domestic leisure demand."Despite the weaker [revenue per available room] environment, and the challenges some of our markets are currently experiencing, we remain confident in our financial outcome for the rest of the year," Keith Barr, the IHG chief executive said.The company warned that it expected to see a US$5 million adverse effect on its 2019 full-year results from the fee income loss because of ongoing conditions in Hong Kong.On Thursday, Accor, which operates 4,900 hotels in 110 countries, said that its revenue per available room in its Asia-Pacific operations declined by 1.1 per cent in the third quarter."The implications of the trade tensions between China and the United States, along with the unrest in Hong Kong, caused market conditions to worsen in China," the company said. "The entire region, including Australia, has been affected by this economic slowdown."This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
The FTSE 100 company, which owns the Crowne Plaza and Holiday Inn brands, said that overall revenue per available room — the industry’s preferred metric — fell 0.8 per cent in the three months to the end of September. For Greater China, the drop was 6.1 per cent, due to a 36 per cent fall in “revpar” in Hong Kong. Pro-democracy protests in Hong Kong have escalated since they started in spring and this week, the city’s chief executive Carrie Lam declared that Hong Kong was in a “technical recession”.
The group--owner (TICKER:UK:IHG) of the Crowne Plaza and Holiday Inn brands--said revenue per available room, or RevPAR, for the first nine months of the year was flat on the year before.
InterContinental Hotels Group PLC (IHG) could be a stock to avoid from a technical perspective, as the firm is seeing unfavorable trends on the moving average crossover front.
Moody's rating action reflects a base expected loss of 3.6% of the current balance, compared to 3.9% at Moody's last review. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.
An opaque kingdom wants to become transparent. Saudi Arabia is both reviled and revered — hated by many for checking all the boxes on human rights abuses and worshipped by Muslims as custodian of their holiest places. The opening of a new destination is almost always greeted as a triumph. Not this one, where there’s […]
Atlanta’s Portman Holdings LLC is developing the 216-room hotel on East Paces Ferry Road. It is converting the former Sobu Flats condo building.
Marriott Vacations' (VAC) strong revenue-building capacities, digital innovations and synergies from the ILG acquisition are encouraging.
Ask Guy Heywood how he gets his hotel owners to support the green cause, and the answer from the chief operating officer at Bangkok-based Six Senses Hotels Resorts Spas, is “get the right owners.” One way the chain does this is to embed a clause in the management contract that stipulates that 0.5 percent of […]
A Holiday Inn Express in El Dorado Hills fetched a high price when it sold last month. “This Holiday Inn Express is probably one of the nicest, if not the nicest, well-constructed Holiday Inn Expresses that my firm has ever worked on,” said Justin Myers, vice president of Atlas Hospitality Group, who helped broker the deal. Holiday Inn Express is among the brands owned by Atlanta-based InterContinental Hotels Group (NYSE: IHG).
Intercontinental Hotels Group (IHG) is expanding its loyalty offerings for luxury travelers. Next year, the hotel giant which owns brands such as Holiday Inn, Crowne Plaza, and Intercontinental Hotels will expand IHG Rewards to also cover Mr & Mrs Smith hotels, a collection of boutique properties around the world. Starting early next year, IHG Rewards […]
Marriott Vacations' (VAC) contract sales in the third quarter are likely to be impacted by nearly $6-$8 million due to Hurricane Dorian.
SAMHI Hotels Ltd, the owner of the largest number of Marriott and IHG -operated hotels in India, has filed for an initial public offering (IPO) to raise up to 11 billion rupees ($154.82 million) by issuing new shares. Existing shareholders are also seeking to sell up to 19.1 million shares in the offering, with Blue Chandra Pte Ltd and Goldman Sachs Investments Holdings (Asia) Ltd looking to offload about 15 million shares in total, according to its prospectus http://www.investmentbank.kotak.com/downloads/samhi-hotels-limited-DRHP.pdf. Moneycontrol reported in May that SAMHI Hotels was considering raising up to 20 billion rupees in an IPO in the second half of 2019.
Today we'll evaluate InterContinental Hotels Group PLC (LON:IHG) to determine whether it could have potential as an...
The new relationship will more than double the number of luxury and boutique hotels available to IHG® Rewards Club loyalty members LONDON , Sept. 23, 2019 /PRNewswire/ -- IHG ® (InterContinental Hotels ...
ATLANTA, Sept. 16, 2019 /PRNewswire/ -- IHG® (InterContinental Hotels Group), one of the world's leading hotel companies, announces today that it has launched franchise sales efforts for its newest brand – Atwell Suites™ – in the U.S. The new upper-midscale hotel brand targets an estimated $18 billion industry segment which has grown by 70 percent over the last four years. Atwell Suites was first unveiled in May 2019 to thousands of IHG owners and operators at its Americas Investors & Leadership Conference in Las Vegas. Elie Maalouf, Chief Executive Officer, Americas, IHG, commented: "IHG's brands are known and loved around the world, with the Americas region serving as the birthplace of the Holiday Inn and Holiday Inn Express brands, as well as avid hotels – the fastest brand launch in our history.
Transformed flagship property is a significant milestone of the Crowne Plaza Accelerate program, charting the future of the brand ATLANTA , Sept. 11, 2019 /PRNewswire/ -- Intercontinental Hotels Group ...
(Bloomberg Opinion) -- Britain’s Prince Harry is urging tourists to be more eco-friendly – while at the same time flitting across Europe by private jet. It’s hardly the only contradiction in the travel industry’s drive to become more sustainable.The world’s largest hotel chains house as many people each day as a decent-sized city, making them a big source of pollution and waste. Directly, hotels account for about 1% of global carbon-dioxide emissions – although that estimate doesn’t include the hydrocarbon-burning flights and car journeys guests make as they come and go. All-in, tourism’s contribution to man-made emissions could be as much as 8% of the total.As with overcrowding at the world’s most popular tourist attractions, this massive environmental footprint is giving the hotel industry a bad name. Along with energy, food and water, hotels are gargantuan consumers of plastics.Hoteliers’ efforts to kick this particular dirty habit have been capturing headlines lately: Marriott International Inc. and InterContinental Hotels Group Plc have both promised to eliminate plastic shampoo and shower gel miniatures, which should prevent several hundred million small bottles being dumped in landfill annually. (They are, however, trusting you not to steal their new, bulk-sized refillable containers.)Drinking straws, cocktail picks, door key cards, slipper-cellophane, disposable cutlery and water bottles are all in the cross-hairs of the hotel industry’s growing anti-plastics drive. At the margins, these interventions should also help to cut the huge amount of plastic waste that ends up in the oceans and these policies should be relatively simple to implement – unlike the plastics challenge facing supermarkets, for example. But these eye-catching ecological measures have, rightly, prompted accusations of tokenism.If I take three connecting flights to reach my villa in the Maldives, crank up the air conditioning on arrival and then eat filet mignon for dinner, forgoing a plastic stirrer in my margarita and my haul of free plastic miniatures isn’t going to matter a hoot, is it?This isn’t a laughing matter: The tourism industry will be the first to suffer if we don’t change. Coral reefs are being bleached and beaches ruined by plastic detritus and foul-smelling, fertilizer-fueled seaweed blooms. This week, parts of the Bahamas have been devastated by a hurricane whose destructive power was likely magnified by warmer oceans.In fairness, most big hotel groups are making pretty comprehensive efforts to consume fewer resources and cut carbon pollution. Marriott’s promise to cut the amount of waste going to landfill by 45% by 2025 isn’t to be sneezed at when you consider it has 1.3 million rooms worldwide.Resource efficiency is also plain good business sense: the signs asking you to kindly reuse your towels help to cut the hotel’s utility bill as well as its electricity consumption.Hotels know they cannot afford to look lax on these issues. Customers – particularly corporate ones – are considering sustainability issues when purchasing trips and online booking platforms are making it easier to tell environmental saints from sinners. Competitors like home-sharing site Airbnb have been talking up the environmental benefits of staying in someone’s home instead of a large hotel, putting the industry even more on the defensive.Many large hotel chains already provide an impressive level of disclosure about their environmental impact and some use market-based incentives to help ensure sustainability promises are kept.When AccorHotels signed a new 1.2 billion-euro ($1.3 billion) credit facility with a consortium of banks, it linked the interest rate to its compliance with sustainability goals. Marriott offers guests extra loyalty points if they forgo having their rooms cleaned, not that its housekeepers are happy about this. Unfortunately, though, the industry’s rapid growth risks overwhelming the benefit derived from these hard-won efficiency gains.Hilton has achieved an impressive one-third cut in carbon emissions per square meter since 2008 and it plans to extend that to a 61% reduction by 2030. But its absolute emissions have jumped by one fifth over the past decade because the company added thousands of hotels to its portfolio – it opened one a day last year.So what can be done? Plastic bans make for good headlines, but hotels should focus on reducing their most environmentally damaging activities.Heating, ventilation and air conditioning account for up to 45% of hotel energy consumption, according to AccorHotels, so installing the most efficient technology and switching to carbon-free energy sources would seem a sensible priority.That’s easier said than done. The Sheraton Stockholm Hotel boasts that its power is supplied entirely by clean hydroelectricity, but its counterparts in nearby Poland, where coal accounts for 80 percent of power production, have fewer options. Hence, the industry is increasingly choosing to produce its own renewable energy on-site.Of course, the easiest way for the business to clean up is act is also the most unpalatable: open fewer hotels, especially in far-flung destinations only accessible by plane.Getting the balance right is difficult. Hotels provide lots of jobs in poor countries. Still, from an environmental standpoint, video conferencing and staycations are better than hopping on a jet. Similarly, a tent is superior to an air-conditioned luxury hotel room, as Richard Clarke at Bernstein Research points out. But wait for hotels to cap their growth or consumers to voluntarily forgo the comfort of a hotel bed and you’ll be waiting a long time. Higher taxes that penalize the negative consequences of travel may become unavoidable. For now, “sustainable travel” is too often a contradiction in terms. To contact the authors of this story: Chris Bryant at firstname.lastname@example.orgAndrea Felsted at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Hurricane Dorian took its deadly toll on the Bahamas earlier this week and continued up the U.S. coast in a weakened state on Friday. The storm has left the islands of The Abacos and Grand Bahama destroyed, and will force an economy that relies on tourism for roughly 50 percent of of its gross domestic […]
According to new research conducted this year by Holiday Inn and Holiday Inn Express, although 59 percent of people communicate with family members digitally more than in person, the desire to travel to be with family and friends is stronger than ever. Kicking off during back-to-school season, Holiday Inn and Holiday Inn Express will make these in-person connections even easier by surprising travelers with 10,000 free nights via IHG® Rewards Club points, through the end of the year.