InterContinental Hotels Group Plc (£IHG) - A Valuation On 17th May 2021

This asset-light global hotel business saw demand for their services crushed by the pandemic. As the world opens back up, how much competition will they face from non-hotel operators like Airbnb?

The Story

The InterContinental Hotels Group is an asset-light global hotel business. The company was originally part of a much larger hospitality group called the Bass Brewery Group.

In 1988, the British government limited the number of pubs that brewers could own directly, so Bass committed to expanding their hotel business. This led them to acquire the…