Core Viewpoint - The owner of the Holiday Inn and Crowne Plaza chains reported increased profit and revenue for 2025, driven by expansion in key markets [1] Company Summary - The company is experiencing growth in profit and revenue, indicating a positive financial outlook for 2025 [1] - Expansion efforts in key markets are a significant factor contributing to this growth [1] Industry Summary - The hospitality industry is seeing a trend of recovery and expansion, particularly in major markets, which is beneficial for hotel chains like Holiday Inn and Crowne Plaza [1]

Company Overview - Compass is a leading global contract caterer, serving 5.5 billion meals annually across more than 25 countries, and is recognized as a well-managed business [2] - The company derives approximately 75% of its revenues in U.S. dollars, highlighting its international operations [4] Currency Change Announcement - Compass announced it will change the currency of its share trading from sterling to U.S. dollars effective April 1, 2024, to align its trading currency with its reporting currency, thereby reducing foreign exchange volatility [1] - This move is part of a broader trend among British companies, with many now reporting in currencies other than sterling [8] Industry Context - The change in trading currency follows a recent adjustment in FTSE Russell's membership rules, allowing companies trading in dollars or euros to be considered for inclusion in the FTSE U.K. Index Series [5] - Other major companies, such as InterContinental Hotels Group, have also adopted this practice, indicating a shift in how British firms operate in global markets [6] Historical Perspective - The trend of companies reporting in foreign currencies is not new, with major firms like HSBC, AstraZeneca, and Shell having transitioned to dollar reporting in recent years [8][11] - Historically, Avis Europe was an early adopter of non-sterling reporting, having faced challenges in the past when attempting to report in the European Currency Unit [9][10] Market Reactions - The announcement from Compass has sparked discussions about the potential for more U.K. companies to follow suit and possibly list on the New York Stock Exchange, reflecting a growing trend of British firms seeking to align with global financial practices [4][13]

Core Insights - IHG Hotels & Resorts has signed a management agreement with Rajdeep Infra & Sales to develop a new voco hotel in Lucknow, India, which will feature 135 rooms and is expected to open in Q3 2029 [1][2][3] Group 1: Expansion Strategy - The new voco hotel will be IHG's third property in Lucknow, complementing existing Holiday Inn and Crowne Plaza hotels, and aligns with the company's strategy to enhance its presence in key urban locations across India [2][3] - IHG is actively pursuing growth in India, with a pipeline of 80 hotels under development and a goal to operate over 400 hotels in total within five years [5] Group 2: Market Potential - Lucknow, as the capital of Uttar Pradesh, is a significant hub for business, government, education, and tourism, attracting both domestic and international travelers [3][4] - The city’s dynamic growth makes it an ideal market for the voco brand, which aims to provide a premium and distinctive hospitality experience [4]

Company Overview - InterContinental Hotels Group (IHG) operates nearly two dozen brands, including Holiday Inn, Crowne Plaza, Staybridge Suites, Hotel Indigo, and Hualuxe, catering to various market segments [6]. Brand Evolution - The company has evolved significantly over the past fifty years, leveraging its well-known Holiday Inn brand to introduce new concepts such as Holiday Inn Express for business travelers and the Club Vacations resort chain [5][6]. Market Position - Despite having a strong brand presence, IHG has not received the same level of investor attention as some of its more prominent competitors, indicating a potential undervaluation in the market [2].

Group 1 - Aoris Investment Management's "Aoris International Fund" Q3 2025 investor letter reported a 6.5% rise in global equity markets, represented by the MSCI AC World Accumulation Index ex Australia, in AUD for the September quarter [1] - The fund's Class A (Unhedged) returned -2.6% after fees, while Class C (Hedged) declined by 1.0%, both underperforming their respective benchmarks [1] - The letter highlighted InterContinental Hotels Group PLC (NYSE:IHG) as a significant stock, with a one-month return of 6.51% and a 52-week gain of 13.24% [2] Group 2 - InterContinental Hotels Group PLC (NYSE:IHG) operates 6,600 hotels under 20 brands, with Holiday Inn being the largest, contributing to approximately half of its revenue [3] - As of December 22, 2025, InterContinental Hotels Group PLC (NYSE:IHG) had a market capitalization of $21.46 billion, with shares closing at $143.42 [2] - The company was held by 14 hedge fund portfolios at the end of Q3 2025, a decrease from 16 in the previous quarter, indicating a decline in popularity among hedge funds [4]