IHG’s Data Breach Concerns
Skift Take
- The DJIA rose 230 points while Nasdaq was up 154, the S&P 500 rose 43 points and the 10-year treasury yield was up .04 to 3.36%. Lodging stocks were modestly higher.
- IHG’s hack appears to be a lot worse than the ones at other hotels as the ransomware attack may very well impact their 3Q results as they continue to have their online reservation system crippled by the attack.
- Watermark Lodging Trust said the proposed acquisition of the company by private real estate funds managed by Brookfield was approved by its stockholders.
The DJIA rose 230 points while Nasdaq was up 154, the S&P 500 rose 43 points and the 10-year treasury yield was up .04 to 3.36%. Lodging stocks were modestly higher. The biggest mover of the day was to the downside with SOND falling -7%,
We didn’t cover the recent news of a data breach at IHG Hotels and their Holiday Inn unit because we go by if we cover something from one company we have to cover them all and at this point it may be less news to report on who HAS NOT had a data breach. The one from IHG appears to be a lot worse than the ones at other hotels as the ransomware attack may very well impact their 3Q results as they continue to have their online reservation system crippled by the attack. The NY Post said some franchisees told them significant disruptions continue, nearly a week later. Occupancy rates have plunged at Holiday Inns as a result of this and it looks like this impact may be there
