Apr 27, 2020
IHG/hotels: occupational hazards
Add in a waiver of debt covenants until 2022 and IHG shareholders should be heaving a sigh of relief. Revenue per room at IHG fell 25 per cent on the previous year. Although only a 10th of IHG's US hotels are closed, occupancy rates have collapsed. In addition to a more resilient portfolio, IHG also had lower leverage before the crisis. Bolstering reserves means IHG can count its cash pile in years not months and puts it in a better position than competitors.
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