RNS FY extract
Business headlines
Global constant currency RevPAR decline of 14.7%, with a fourth quarter decline of 10.9%.
26,828 net rooms (252 hotels) added taking system size to 646,679 rooms (4,438 hotels), up 4% year on year.
55,345 rooms (439 hotels) added to the system, 28,517 rooms (187 hotels) removed.
52,891 rooms (345 hotels) signed, taking the pipeline to 210,363 rooms (1,438 hotels).
Total gross revenue4 from all hotels in IHG's system $16.8bn (2008 $19.1bn)
EPS benefited from effective tax rate of 5% (2008: 23%) due to the release of certain prior year tax contingencies, primarily as a result of the final resolution of various tax audits
Final dividend maintained at 29.2¢, equivalent to 18.7p. Total dividend of 41.4¢, flat on 2008.
Exceptional operating charges of $373m include: (i) $197m of non-cash asset impairments; and (ii) $91m charge related to a management contract in the US. |
InterContinental Hotels is at least now reporting a tentative pick-up in corporate bookings. But the climb back to peak profitability looks daunting.
Green Street Advisors does not expect the higher-end US hotels to match 2007 earnings until 2013 at the earliest. Consider, too, that in 2007 hotels' net operating income was still below the previous peak of 2000, suggesting a long-run deterioration in earnings power.
With hotel stocks' premium to net asset value outstripping other property types, valuations are underpinned by the prospect of an economic recovery whose strength remains uncertain. |
surprised by the lack of talk on this stock. IC had it as a sell recently. One must wonder if it has risen too fast. I might put a short on in due course, but the trend still seems to be up... |
Indeed!
I keep an eye on this, but have no current position...
Looks like it's climbing back up today. |
Good fall today, now the graph looks even better for a long term fall. I must be going mad talking to myself. Is anyone out there. |
Anyone know why the strength of these shares today, they were up in a falling market, but are now starting to come off. Still short and this is a long wait for any profit to appear |
The long term graph does look good for shorters. Still short on this one, cannot see it picking up with bookds down globally. Just a small fall today of 20p will continue the rot in this one and should then fall another pound at least.. |
Went short yesterday. |
More a short than a long play here.
No position meself. |
the main problem is no-one wants to buy hotel stocks, sector is as sick as a pig. |
share split ? |
Back to £4 more likely! |
are these going to £12 |
Out for now. |
'Cos I bought a few hours before?
;-) |
Why its flying? |
Filled a demi-tasse at 639-odd. |
If the Barclays bros want to sell we'd be seeing a drop surely.
On FT Alphaville they mentioned a £10 bid from Barclays so conflicting information. We have been here before when there was talk of bid from Barclays bros for around £14! Noise or something sustantial afoot - time will tell. |
Certainly worth keeping a eye on this one on more and more bid rumours.
Taken from crazy company page...
Comment
20-03-09 20.03.09: -4, (547.5) an article in the Times reports: Intercontinental Hotels rose 41.5p to 554p on high volume amid talk that the Barclay brothers might be looking to engineer a bid to allow them to sell their 10% stake. ............ends
Id noticed a move up in volume over the last few days and a few B/B rumours and now we get this from the Times. |
You could use the remaining freeholds and Boston to repay the loan. The stock is cheap but this is the age without heroes and full of disbelief. |
I reckon the sum of the parts of IHG is greater than the value of the whole at its current share price. Inevitably someone with the clout to buy this at a third of its peak price will be looking at a massive return as the enonomy turns in a few years and by slicing and dicing up the group to extract value. |
Dancin Pirhana, IHG must be benfiting from the slump in the pound, this may offset discounting or lower occupancy rates. |
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