For investors who want to jump in as holiday travel recovers
The many risks and external factors in this market amplify the usual difficulty of stock picking to almost a coin toss
It’s easy to make the mistake of thinking that all large hotel groups have similar operating models and exposures.
As soon as you do the detailed research, you’ll realise that this isn’t the case. The investment case primarily varies based on the stage in the life cycle, which significantly affects return on equity (ROE), geographical exposure and business vs leisure travel exposure...