IHG Reports Slowdown in Revenue Growth
Skift Take
IHG Hotels & Resorts reported mixed results, with global RevPAR up 1.5% despite a 10% decline in China, and announced the end of its licensing deal with The Venetian and The Palazzo in 2025.
B of A Securities upped their price target on Hyatt Hotels to $175 from $165, Hilton to $265 from $230, and Marriott International to $300 from $275. They maintained Buy ratings on all three. BofA also cut their price target on Park Hotels & Resorts to $16.50 a share from $17. They maintained their Neutral rating on PK.
Wells Fargo upped its price target on Marriott to $261 from $238, and Hilton's price was upped to $237 from $200 while it maintained its equal weight ratings. Hyatt's PT was upped to $178 from $167, and their Overweight rating was maintained.
BMO upped their price target on Marriott to $255 from $240. They maintained their Market Perform rating.
IHG Hotels & Resorts reported results, and if you take out China, it was a good report. China's RevPAR was down over -10%, while RevPAR in Europe, the Middle East, Africa, and Asia was up 4.9%. IHG believes China is on the brink of a turnaround.
