What the global hospitality leaders’ use of liquid assets reveals about their strategy

6 min reading time

Published on 29/08/18 - Updated on 17/03/22

Bourse

“Cash is king”, according to the proverb. Of course, this is probably no longer quite so true in a world where liquidity has been made abundant by central banks and where financial markets are above all on the lookout for yield and growth. But the fact remains that it is still a real weapon when it comes to implementing a business strategy. And the world’s hospitality leaders are not short of ammunition, deriving from the business performance or financing facilities in recent years. But what do they do with this often abundant liquidity? Strategies diverge, and may reveal different visions of their future.

Over the last three years, the most important listed Western hotel groups (i.e. 6 of the top 7 global groups) generated nearly 5 billion US dollars in annual cash flows from their combined operations: high levels, supported by solid business performances in a favorable global economic context. The...

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