Whitbread

In this episode of The Capital Cycle Podcast, Edward Chancellor interviews Titus Zurowski from Marathon Asset Management about Whitbread, a UK-based brewer turned hotelier. Zurowski highlights Whitbread's strategic turnaround, focusing on its Premier Inn budget hotel chain. The discussion covers the UK hotel industry's capital cycle, the impact of the pandemic, and the competitive landscape, including Travelodge and Airbnb. Zurowski emphasizes Whitbread's strong market position, conservative financial management, and attractive valuation, making it a compelling investment opportunity. The conversation also touches on Whitbread's expansion into the German market and the effects of rising interest rates on the hotel sector.