IHG Plans to Double Hotel Indigo Portfolio
Skift Take
IHG Hotels & Resorts plans to double the Hotel Indigo portfolio within three to five years, adding new properties in diverse locations such as the Cayman Islands, Oman, Mexico, and more, with several openings scheduled throughout 2024.
The DJIA was up 300 points but Nasdaq was down 141 points and the S&P 500was flat while the 10-year treasury yield was up .04 to 4.25%. Lodging stocks were mixed. VCSA’s rally from the other day resulted in some give back with the stock down -19% today. SOHO traded down to a new low.
Jefferies held their Nantucket Consumer Conference, which included hotel companies. Across lodging, Jefferies said companies spoke about experiencing moderation in leisure demand, strength in group business, and an uneven recovery of business transient that is market dependent. Jefferies said Lodging REITs see supply remaining well below the historical average, where C-Corps are looking for growth internationally. C-Corp management teams are bullish on their business models and pipeline growth/NUG growth despite RevPAR volatility and limited demand visibility. Low supply growth among upper upscale
