IHG's buyback program is now absorbing nearly 10% of daily London trading volume, artificially compressing the float while the stock trades at 30x earnings. If you're an owner paying 15-20% of revenue in brand fees, it's worth asking where that capital allocation leaves you.
Morningstar says Hyatt's loyalty program and new brands are expanding its high-end advantage, and the stock just hit an all-time high. But when you sit on the owner's side of the table and calculate what "advantage" actually costs per key, the math gets a lot less glamorous.
Pebblebrook's 43% run-up has momentum investors calling it cheap, but a negative P/E ratio, $2.5 billion in debt, and a dividend yield of 0.29% tell a more complicated story than any stock screener will surface.
