‘ This drop is explained almost exclusively by the drop in vacancy rates -34%, while average prices are only -3% vs. 2019. Prices thus continue to hold up well despite the context, in reality they have not been affected (or very little) by the Omicron effects, which indicates a pricing power which remains relatively high for the sector ‘ indicates the ‘ analyst.
The United States continues to largely outperform Europe and confirms Oddo’s positive opinion of IHG (outperformance with a price target of 5900p, the United States represents more than 60% of its portfolio, especially since this exposure is almost exclusively domestic).
‘ We are also positive on Melia (Spain focus, which will outperform in the key months in summer), Whitbread (UK focus, also a strong exposure to domestic customers) and Accor (France weighing around 20% of the EBIT) ‘ adds the analysis office.
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