Conversions pay for Choice
Choice Hotels raised ebitda 8% in the fourth quarter, despite domestic revpar being hit by the US government shutdown. The results showed a 14% increase in conversion franchise agreements, with that figure expected to improve further.
Frustration for IHG
Richard Solomons, chief executive of IHG, has expressed frustration at the short term attitude of investors, after a share price fall. Analysts had hoped IHG would return more cash to shareholders, in year end results just announced, reports the London Times.
Price parity win in US
A US court has dismissed claims of price fixing by OTAs and hotel groups. A Dallas judge said agreements between chains and OTAs were not anti-competitive, but “rational”, reports Reuters.
San Francisco sale
IHG has sold its InterContinental hotel in San Francisco for USD120m. The buyers of the 383 room hotel are Woodridge Capital Partners and Oaktree Capital Management.