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Feb 20 2023, 07:25 GMT
STR released January RevPAR data over the weekend. In the seasonally quietest month of the year, trends from H222 largely persisted with good room rates and occupancy broadly now recovered. We updated on Dalata last week and believe the combination of (i) continued organic growth, (ii) the pipeline, (iii) the likelihood of a re-rating and (iv) balance sheet optionality, will see the group deliver strong shareholder returns. In the interim, it evidenced the importance of its strong balance sheet by agreeing the acquisition of a London hotel at a very attractive acquisition price.