Separately, its offering is likely to remain appealing in an era when lower industry profits may naturally prompt reduced investment. For example, it undertook a major review of its core Holiday Inn and Crowne Plaza brands in 2021 that resulted in 34,300 of their rooms being removed from its estate on quality grounds.

As a result, two thirds of its US‑located Holiday Inn rooms and three quarters of its Crowne Plaza rooms have recently been updated. The company is also investing in a new reward programme to improve customer loyalty and is investing in its digital offering, such as via the release of a new mobile app, to differentiate itself from rivals and encourage higher-margin direct bookings.

This capacity to invest heavily during a challenging period for the wider industry should give it an increasing competitive advantage over those unable to do likewise.

Following their rise since our tip two years ago, IHG’s shares trade on a rich forecast price-to-earnings ratio of 26. However, they continue to offer good value. The company’s relatively sound financial position will enable it to overcome any further short-term disruption. Meanwhile, it has significant long-term growth potential as the hotel industry gradually recovers from the effects of Covid. Keep buying.

Questor says: buy

Ticker: IHG

Share price at close: £52.06

Update: Montana Aerospace

Our advice to buy aeroplane parts maker Montana Aerospace in November has proved to be highly disappointing. The company’s shares have followed the wider sector lower after the invasion of Ukraine. They are now 37pc down, even though recent full‑year results were well received.

Gavin Launder, who highlighted the company’s potential in our original tip and still owns the stock in his Legal & General European Trust, recently told this column that the firm “remains the best managed and best invested civil aviation supplier”.

There is plenty of potential for a long-term industry recovery. Hold.

Questor says: hold

Ticker: SWX: AERO

Share price at close: 18.48 Swiss Francs

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