Intrinsic value of InterContinental Hotels Group ADR - IHG

Previous Close

$54.57

  Intrinsic Value

$150.19

stock screener

  Rating & Target

str. buy

+175%

Previous close

$54.57

 
Intrinsic value

$150.19

 
Up/down potential

+175%

 
Rating

str. buy

We calculate the intrinsic value of IHG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
Revenue, $m
  1,855
  1,931
  2,012
  2,098
  2,189
  2,286
  2,388
  2,496
  2,610
  2,731
  2,858
  2,992
  3,133
  3,281
  3,438
  3,603
  3,776
  3,959
  4,151
  4,353
  4,565
  4,788
  5,023
  5,270
  5,529
  5,801
  6,088
  6,388
  6,705
  7,037
Variable operating expenses, $m
  1,115
  1,154
  1,197
  1,242
  1,289
  1,339
  1,393
  1,449
  1,509
  1,571
  1,491
  1,561
  1,635
  1,712
  1,794
  1,880
  1,970
  2,066
  2,166
  2,271
  2,382
  2,498
  2,621
  2,749
  2,885
  3,027
  3,176
  3,333
  3,498
  3,671
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,115
  1,154
  1,197
  1,242
  1,289
  1,339
  1,393
  1,449
  1,509
  1,571
  1,491
  1,561
  1,635
  1,712
  1,794
  1,880
  1,970
  2,066
  2,166
  2,271
  2,382
  2,498
  2,621
  2,749
  2,885
  3,027
  3,176
  3,333
  3,498
  3,671
Operating income, $m
  741
  777
  816
  857
  900
  947
  995
  1,047
  1,102
  1,159
  1,367
  1,431
  1,498
  1,569
  1,644
  1,723
  1,806
  1,893
  1,985
  2,082
  2,183
  2,290
  2,402
  2,520
  2,644
  2,774
  2,911
  3,055
  3,206
  3,365
EBITDA, $m
  1,118
  1,164
  1,213
  1,265
  1,320
  1,378
  1,440
  1,505
  1,574
  1,646
  1,723
  1,803
  1,888
  1,978
  2,072
  2,172
  2,276
  2,386
  2,502
  2,624
  2,752
  2,886
  3,028
  3,177
  3,333
  3,497
  3,670
  3,851
  4,042
  4,242
Interest expense (income), $m
  80
  109
  52
  58
  65
  73
  81
  89
  98
  107
  117
  127
  138
  150
  162
  175
  189
  203
  218
  234
  250
  268
  286
  305
  326
  347
  369
  393
  418
  444
  471
Earnings before tax, $m
  632
  725
  757
  792
  828
  866
  906
  949
  994
  1,042
  1,239
  1,292
  1,348
  1,407
  1,469
  1,534
  1,603
  1,675
  1,751
  1,831
  1,915
  2,004
  2,097
  2,194
  2,297
  2,405
  2,518
  2,637
  2,763
  2,894
Tax expense, $m
  171
  196
  204
  214
  223
  234
  245
  256
  269
  281
  335
  349
  364
  380
  397
  414
  433
  452
  473
  494
  517
  541
  566
  593
  620
  649
  680
  712
  746
  781
Net income, $m
  461
  529
  553
  578
  604
  632
  662
  693
  726
  761
  905
  943
  984
  1,027
  1,072
  1,120
  1,170
  1,223
  1,279
  1,337
  1,398
  1,463
  1,531
  1,602
  1,677
  1,756
  1,838
  1,925
  2,017
  2,113

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,301
  3,437
  3,581
  3,734
  3,896
  4,068
  4,249
  4,442
  4,644
  4,859
  5,085
  5,323
  5,574
  5,839
  6,117
  6,410
  6,719
  7,044
  7,385
  7,745
  8,123
  8,520
  8,937
  9,376
  9,838
  10,323
  10,832
  11,367
  11,930
  12,521
Adjusted assets (=assets-cash), $m
  3,301
  3,437
  3,581
  3,734
  3,896
  4,068
  4,249
  4,442
  4,644
  4,859
  5,085
  5,323
  5,574
  5,839
  6,117
  6,410
  6,719
  7,044
  7,385
  7,745
  8,123
  8,520
  8,937
  9,376
  9,838
  10,323
  10,832
  11,367
  11,930
  12,521
Revenue / Adjusted assets
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
Average production assets, $m
  1,156
  1,203
  1,254
  1,307
  1,364
  1,424
  1,488
  1,555
  1,626
  1,701
  1,780
  1,864
  1,952
  2,044
  2,142
  2,244
  2,353
  2,466
  2,586
  2,712
  2,844
  2,983
  3,129
  3,283
  3,444
  3,614
  3,793
  3,980
  4,177
  4,384
Working capital, $m
  -544
  -566
  -590
  -615
  -642
  -670
  -700
  -731
  -765
  -800
  -837
  -877
  -918
  -961
  -1,007
  -1,056
  -1,106
  -1,160
  -1,216
  -1,275
  -1,338
  -1,403
  -1,472
  -1,544
  -1,620
  -1,700
  -1,784
  -1,872
  -1,964
  -2,062
Total debt, $m
  957
  1,079
  1,209
  1,346
  1,492
  1,647
  1,810
  1,983
  2,166
  2,359
  2,562
  2,777
  3,003
  3,241
  3,491
  3,755
  4,033
  4,325
  4,633
  4,956
  5,296
  5,654
  6,030
  6,425
  6,840
  7,276
  7,735
  8,217
  8,723
  9,255
Total liabilities, $m
  2,971
  3,093
  3,223
  3,360
  3,506
  3,661
  3,824
  3,997
  4,180
  4,373
  4,576
  4,791
  5,017
  5,255
  5,505
  5,769
  6,047
  6,339
  6,647
  6,970
  7,310
  7,668
  8,044
  8,439
  8,854
  9,290
  9,749
  10,231
  10,737
  11,269
Total equity, $m
  330
  344
  358
  373
  390
  407
  425
  444
  464
  486
  508
  532
  557
  584
  612
  641
  672
  704
  739
  774
  812
  852
  894
  938
  984
  1,032
  1,083
  1,137
  1,193
  1,252
Total liabilities and equity, $m
  3,301
  3,437
  3,581
  3,733
  3,896
  4,068
  4,249
  4,441
  4,644
  4,859
  5,084
  5,323
  5,574
  5,839
  6,117
  6,410
  6,719
  7,043
  7,386
  7,744
  8,122
  8,520
  8,938
  9,377
  9,838
  10,322
  10,832
  11,368
  11,930
  12,521
Debt-to-equity ratio
  2.900
  3.140
  3.380
  3.610
  3.830
  4.050
  4.260
  4.470
  4.660
  4.850
  5.040
  5.220
  5.390
  5.550
  5.710
  5.860
  6.000
  6.140
  6.270
  6.400
  6.520
  6.640
  6.750
  6.850
  6.950
  7.050
  7.140
  7.230
  7.310
  7.390
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  461
  529
  553
  578
  604
  632
  662
  693
  726
  761
  905
  943
  984
  1,027
  1,072
  1,120
  1,170
  1,223
  1,279
  1,337
  1,398
  1,463
  1,531
  1,602
  1,677
  1,756
  1,838
  1,925
  2,017
  2,113
Depreciation, amort., depletion, $m
  378
  387
  397
  408
  420
  432
  444
  458
  472
  487
  356
  373
  390
  409
  428
  449
  471
  493
  517
  542
  569
  597
  626
  657
  689
  723
  759
  796
  835
  877
Funds from operations, $m
  839
  917
  950
  986
  1,024
  1,064
  1,106
  1,151
  1,198
  1,248
  1,261
  1,316
  1,375
  1,436
  1,501
  1,569
  1,641
  1,716
  1,796
  1,879
  1,967
  2,059
  2,156
  2,259
  2,366
  2,478
  2,597
  2,721
  2,852
  2,989
Change in working capital, $m
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -93
  -97
Cash from operations, $m
  860
  939
  974
  1,011
  1,050
  1,092
  1,136
  1,182
  1,231
  1,283
  1,298
  1,355
  1,416
  1,480
  1,547
  1,617
  1,692
  1,770
  1,852
  1,938
  2,029
  2,125
  2,225
  2,331
  2,442
  2,558
  2,681
  2,809
  2,945
  3,087
Maintenance CAPEX, $m
  -222
  -231
  -241
  -251
  -261
  -273
  -285
  -298
  -311
  -325
  -340
  -356
  -373
  -390
  -409
  -428
  -449
  -471
  -493
  -517
  -542
  -569
  -597
  -626
  -657
  -689
  -723
  -759
  -796
  -835
New CAPEX, $m
  -44
  -47
  -50
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -83
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -132
  -139
  -146
  -154
  -162
  -170
  -178
  -187
  -197
  -207
Cash from investing activities, $m
  -266
  -278
  -291
  -305
  -318
  -333
  -349
  -365
  -382
  -400
  -419
  -439
  -461
  -483
  -507
  -531
  -557
  -585
  -613
  -643
  -674
  -708
  -743
  -780
  -819
  -859
  -901
  -946
  -993
  -1,042
Free cash flow, $m
  593
  661
  683
  707
  732
  759
  787
  817
  849
  883
  879
  916
  955
  997
  1,040
  1,086
  1,135
  1,186
  1,239
  1,295
  1,355
  1,417
  1,482
  1,551
  1,624
  1,700
  1,780
  1,864
  1,952
  2,044
Issuance/(repayment) of debt, $m
  -1,062
  122
  130
  138
  146
  155
  164
  173
  183
  193
  203
  214
  226
  238
  251
  264
  278
  292
  307
  323
  340
  358
  376
  395
  415
  436
  459
  482
  506
  532
Issuance/(repurchase) of shares, $m
  727
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -335
  122
  130
  138
  146
  155
  164
  173
  183
  193
  203
  214
  226
  238
  251
  264
  278
  292
  307
  323
  340
  358
  376
  395
  415
  436
  459
  482
  506
  532
Total cash flow (excl. dividends), $m
  259
  782
  813
  844
  878
  914
  951
  990
  1,032
  1,076
  1,082
  1,130
  1,181
  1,235
  1,291
  1,350
  1,412
  1,478
  1,547
  1,619
  1,695
  1,774
  1,858
  1,946
  2,039
  2,136
  2,238
  2,345
  2,458
  2,576
Retained Cash Flow (-), $m
  -1,188
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -54
  -56
  -59
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -929
  769
  798
  829
  862
  896
  933
  971
  1,012
  1,054
  1,059
  1,106
  1,156
  1,208
  1,263
  1,321
  1,382
  1,445
  1,512
  1,583
  1,657
  1,735
  1,817
  1,902
  1,993
  2,088
  2,187
  2,292
  2,402
  2,517
Discount rate, %
  9.90
  10.40
  10.91
  11.46
  12.03
  12.64
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.83
  25.02
  26.27
  27.58
  28.96
  30.41
  31.93
  33.52
  35.20
  36.96
  38.81
  40.75
PV of cash for distribution, $m
  -846
  631
  585
  537
  488
  439
  390
  342
  296
  253
  205
  169
  138
  110
  86
  66
  50
  36
  26
  18
  12
  8
  5
  3
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

InterContinental Hotels Group PLC is a hotel company. The Company franchises its brands to, and manages hotels on behalf of, third-party hotel owners. Its segments include The Americas; Europe; Asia, Middle East and Africa (AMEA); Greater China, and Central. It operates a portfolio of hotel brands, including InterContinental, HUALUXE, Kimpton, Crowne Plaza, Hotel Indigo, EVEN Hotels, Holiday Inn, Holiday Inn Express, Staybridge Suites Hotels, Holiday Inn Resort, Holiday Inn Club Vacations and Candlewood Suites Hotels. As of December 31, 2016, The Americas pipeline totaled 945 hotels (102,451 rooms). As of December 31, 2016, the Europe pipeline totaled 137 hotels (23,954 rooms). As of December 31, 2016, the AMEA pipeline totaled 149 hotels (39,643 rooms). As of December 31, 2016, the Greater China pipeline totaled 239 hotels (64,028 rooms). As of April 21, 2017, it had 5,200 hotels and 777,000 rooms in its system. As of April 21, 2017, it operated in over 100 countries globally.

FINANCIAL RATIOS  of  InterContinental Hotels Group ADR (IHG)

Valuation Ratios
P/E Ratio 24.9
Price to Sales 6
Price to Book -13.5
Price to Tangible Book
Price to Cash Flow 13.7
Price to Free Cash Flow 19.1
Growth Rates
Sales Growth Rate -4.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.5%
Cap. Spend. - 3 Yr. Gr. Rate -2.9%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity -209.4%
Total Debt to Equity -223.2%
Interest Coverage 8
Management Effectiveness
Return On Assets 14.1%
Ret/ On Assets - 3 Yr. Avg. 22.7%
Return On Total Capital 28.4%
Ret/ On T. Cap. - 3 Yr. Avg. 48.5%
Return On Equity -180.8%
Return On Equity - 3 Yr. Avg. -288.4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 66.2%
Gross Margin - 3 Yr. Avg. 63.6%
EBITDA Margin 44.7%
EBITDA Margin - 3 Yr. Avg. 58.1%
Operating Margin 39.5%
Oper. Margin - 3 Yr. Avg. 53.1%
Pre-Tax Margin 34.5%
Pre-Tax Margin - 3 Yr. Avg. 48.4%
Net Profit Margin 24.1%
Net Profit Margin - 3 Yr. Avg. 37.7%
Effective Tax Rate 29.4%
Eff/ Tax Rate - 3 Yr. Avg. 25.8%
Payout Ratio 408.9%

IHG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IHG stock intrinsic value calculation we used $1784 million for the last fiscal year's total revenue generated by InterContinental Hotels Group ADR. The default revenue input number comes from 0001 income statement of InterContinental Hotels Group ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our IHG stock valuation model: a) initial revenue growth rate of 4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.9%, whose default value for IHG is calculated based on our internal credit rating of InterContinental Hotels Group ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of InterContinental Hotels Group ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of IHG stock the variable cost ratio is equal to 60.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for IHG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for InterContinental Hotels Group ADR.

Corporate tax rate of 27% is the nominal tax rate for InterContinental Hotels Group ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the IHG stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for IHG are equal to 62.3%.

Life of production assets of 0 years is the average useful life of capital assets used in InterContinental Hotels Group ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for IHG is equal to -29.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-858 million for InterContinental Hotels Group ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 13.494 million for InterContinental Hotels Group ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of InterContinental Hotels Group ADR at the current share price and the inputted number of shares is $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
MAR Marriott Inter 118.31 89.80  sell
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HLT Hilton Worldwi 72.89 85.01  hold
CHH Choice Hotels 78.03 27.39  str.sell
RLH Red Lion Hotel 8.73 1.06  str.sell
HTHT Huazhu Group A 28.59 315.62  str.buy

COMPANY NEWS

▶ New Holiday Inn hotel planned near Universal Orlando's I-Drive land   [Nov-09-18 11:04AM  American City Business Journals]
▶ Hyatt Hotels ranks high in new TripAdvisor hotel chain survey   [Oct-24-18 03:51PM  American City Business Journals]
▶ Women who Mean Business: Intercontinental Hotels Group's Laura Miller   [Oct-23-18 01:35PM  American City Business Journals]
▶ World markets are selling off   [08:49AM  Yahoo Finance]
▶ Hotel strike is dealing a blow to Marriott's Bay Area business   [Oct-18-18 05:22PM  American City Business Journals]
▶ Estimated $32M in new hotels planned near Disney's Flamingo Crossings development   [Oct-17-18 10:29AM  American City Business Journals]
▶ Pair of new hotels planned near Disney's Flamingo Crossings development   [Oct-11-18 10:29AM  American City Business Journals]
▶ Controversial hotel is in the works for Safety Harbor   [Oct-10-18 02:54PM  American City Business Journals]
▶ Hyatt snaps up well-known S.F. hotel brand as part of $600 million deal   [Oct-09-18 11:08PM  American City Business Journals]
▶ 'Under the radar' hotel group consolidates, buys Triad office condo   [Oct-05-18 07:42AM  American City Business Journals]
▶ Nearly 2,500 San Francisco hotel workers strike amid crumbling contract negotiations   [Oct-04-18 01:22PM  American City Business Journals]
▶ Hilton Hotels settles with striking Chicago hotel workers   [Oct-01-18 01:53PM  American City Business Journals]
▶ Holiday Inn Fishermans Wharf lays off 186, shutters main building   [Sep-12-18 10:10AM  American City Business Journals]
▶ Potential hotel strike looms over S.F.'s 'October Crush'   [Sep-07-18 04:08PM  American City Business Journals]
▶ Construction set to begin on hotel in fast growing Triad corridor   [Aug-24-18 02:48PM  American City Business Journals]
▶ IHG opens first Avid hotel   [Aug-22-18 11:33AM  American City Business Journals]
▶ Chicago-based travel software Journera raises $9 million   [Jul-12-18 09:54AM  American City Business Journals]
▶ How Holiday Inn does a milk-and-cookies pop-up in Millennium Park   [Jun-20-18 03:18PM  American City Business Journals]
▶ Hospitality Notes: Big-name hotel interest; Visitation grows to 53 million   [Apr-27-18 11:00AM  American City Business Journals]
▶ Five hotel companies eye big project at Georgia World Congress Center (Video)   [Apr-24-18 02:36PM  American City Business Journals]
▶ Developer secures funds for hotel in funky Music Row building   [Apr-23-18 12:50PM  American City Business Journals]
▶ IHG Plans to Grow in Mideast   [01:48AM  Bloomberg]
▶ IHG launching new brand, eight hotels in Georgia (Photos)   [Apr-13-18 03:00AM  American City Business Journals]
▶ Exclusive: New owner of iconic Nob Hill hotel proposes adding rooms, amenity space   [Apr-11-18 05:08PM  American City Business Journals]
▶ Mass. data breaches hit record high last year, thanks to Equifax   [Mar-30-18 05:10AM  American City Business Journals]
▶ [$$] Travelling right: hotels bed in a new generation   [Mar-13-18 01:00AM  Financial Times]
▶ IHG Ramps Up M&A to Boost Scale   [Mar-06-18 02:17AM  Bloomberg Video]
▶ C-suite changes continue at InterContinental Hotels Group   [Mar-01-18 11:04AM  American City Business Journals]
▶ [$$] Hotels Check Into Technology Arms Race   [11:48AM  The Wall Street Journal]

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