Business Travel Close to a Full Recovery
Skift Take
- JP Morgan downgraded IHG Hotels & Resorts from Neutral to Underweight, favoring Premier Inn owner Whitbread in the European hotels sector.
- Canada has 275 hotel construction projects with 37,780 rooms in its pipeline, with 22 new projects announced in Q3. Ontario leads with 160 projects, and Toronto has the most projects with 61. A total of 16 new hotels opened in the first three quarters of 2023, with more expected in the last quarter and beyond.
- The latest GBTA Business Travel Outlook Poll reports that domestic business travel bookings have reached 75% of 2019 levels, while international bookings are at 70%. Spending on domestic business travel is at 77%, and international spend is at 74%.
The DJIA rose 124 points while Nasdaq was up 62, the S&P 500 was up 27 points and the 10-year treasury yield was flat at 4.88%. Lodging stocks were modestly higher.
JP Morgan downgraded IHG Hotels & Resorts from Neutral to Underweight. In the European hotels sector, JPM said Premier Inn owner Whitbread remains their top pick.
Analysts at Lodging Econometrics report that the total construction pipeline in Canada stands at 275 projects and 7,780 rooms, according to a Q3 2023 hotel construction pipeline report for Canada. In the third quarter, Canada had 22 new project announcements with 2,816 rooms. In the first three quarters of 2023, Canada has 16 new hotel openings. LE analysts forecast another 6 new hotels will open in the last quarter of 2023. 35 hotels/4,200 rooms are expected to open in 2024 and 40 hotels and 4,877 rooms will open in 2025.
Canadian Hotel Projects at End of Q3 2023 StatusProjects
