3 compelling HOLT perspectives on Whitbread
■ Feedback from CS Hotel Event: This week we hosted our 5th Annual Hotel Lunch attended by investors and representatives from InterContinental, Whitbread, STR Global and Credit Suisse HOLT®. Key topics included the stage of the cycle, room growth, operational leverage, industry consolidation, technology challenges and the outlook in China (see pages 2-8 for summary discussion points interspersed with HOLT®, STR and our own recent analysis). Our top pick remains Whitbread (O/P, TP 6200p) supported by positive growth, returns and valuation, all illustrated by Credit Suisse HOLT®.