IHG to Get New CEO Elie Maalouf
Skift Take
- InterContinental Hotels Group announced Keith Barr has informed the Board of his decision to step down from his role as Group Chief Executive Officer and from the IHG Board.
- Playa Hotels & Resorts reported a 1Q beat and repurchased 5 million shares for $42.6 million in 1Q as well as another 2.1 million shares for $20 million in April.
- During Q1 2023, RevPAR grew 13% compared to 2019, fueled by higher ADR and growth in business and group demand as well as strong leisure travel, according to JLL’s latest U.S. Hotel Investment Trends report.
The DJIA rose 547 points on Friday while Nasdaq was up 269, the S&P 500 rose 75 points and the 10-year treasury yield was up .10 to 3.45%. Lodging stocks were higher. VCSA was up 12% while SOND was up 10% but both of them rose less than a dime per share. On the earnings side, RLJ’s reaction was positive, up 5%, while PLYA was negative, down -5%.
The earnings report from IHG Hotels & Resorts was good but overshadowed by the news of the resignation of Keith Barr. DiamondRock Hospitality reported a small EBITDA beat and the repurchase of 56,400 shares for $0.4 million. RLJ Lodging Trust reported a solid beat on strong margins. RLJ repurchased $27.5 million of stock in 1Q plus an additional $12.5 million already in 2Q. Sunstone Hotel Investors had a beat and raise report with year-over-year RevPAR growth of 32%. SHO has spent $10.5 million on share repurchases so far in 2023.
