Amid a slowing travel cycle, one hospitality powerhouse continues to defy gravity. With its dividend up 14% and record free cash flow, the company has proven that disciplined capital allocation can turn a volatile industry into a reliable income machine. The post-pandemic chaos has given way to a calmer, more profitable era — and this operator is leading the way with an asset-light model that keeps margins wide and shareholders happy.

As global travel spending shifts toward premium and international destinations, luxury hotels have become the crown jewels of profitability. Higher room rates, stronger loyalty programs, and recurring management fees are driving a steady stream of cash back to investors. In a world where many firms are cutting buybacks, this company is doing the opposite — rewarding patience with growing, predictable returns.

Top points of analysis

• The luxury segment remains a key driver of margin and fee growth.
• Profit after tax reached $2.4bn, despite mixed macro conditions…