IHG room Q3 room revenue falls 53%
By Frank Prenesti
Date: Friday 23 Oct 2020
(Sharecast News) - InterContinental Hotels on Thursday reported an improvement in third quarter trading with the decline in revenue slowing compared with the prior three months.
The company, which also owns the Holiday Inn chain, said comparable revenue per available room (RevPAR) fell 53% for the third quarter, an improvement on the 75% decline in the prior quarter.
Occupancy improved to 44% in the three months to September 30 from 25% in the second quarter. IHG said 199 hotels, or 3% of the group's estate, were still closed at the end of the third quarter.
"A full industry recovery will take time and uncertainty remains regarding the potential for further improvement in the short term, but we take confidence from the steps taken to protect and support our owners and drive demand back to our hotels as guests feel safe to travel," Chief Executive Keith Barr said.
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