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07 Jun 2021
HOTELS | The Desert crossing is not over
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HOTELS | The Desert crossing is not over
Melia Hotels International, S.A. (MEL:MCE), 0 | InterContinental Hotels Group PLC (IHG:LON), 7,812 | Accor SA (AC:PAR), 0 | Accor SA (0H59:LON), 0 | Mitsubishi Electric Corp. (6503:TKS), 0
- Published:
07 Jun 2021 -
Author:
Bruno de La Rochebrochard -
Pages:
30
Although the tourism and travel industry has always been exposed to environmental, security, geopolitical or health-related crises, these periods of tension havehad limited effects over time and have not questioned growth momentum.
However, while the fundamentals behind this growth remain intact, namely rising middle classes in emerging countries, more mobile new generations, theopening of borders and accessible means of transport, the changes brought about by the Covid-19 pandemic could have a lasting impact.
Indeed, the duration and implications of the current health crisis have highlighted the fact that people’s needs and ways of working must be rethought. Thesechanges will have consequences not only on business travel but also on leisure tourism, requiring an in-depth adaptation of the hotel offer.
In light of this, while making some adjustments, we reiterate our negative views with TPs of:
• EUR26.5 vs. EUR23.5 for Accor,
• 4.100p vs. 3.900p for IHG,
• EUR6 vs. EUR3.1 for Melia.