IHG sees room revenue rebounding to pre-pandemic levels
By Frank Prenesti
Date: Friday 22 Oct 2021
(Sharecast News) - InterContinental Hotels Group reported a "significant" jump in third-quarter room revenue towards pre-Covid pandemic levels after a rebound in bookings during the summer as travel restrictions were eased.
The company on Friday said its key room revenue indicator, known as RevPAR, rose 66% for the three months to September 30 year on year, but it was down 21% from 2019.
"Domestic leisure demand was particularly strong in a number of markets over the summer, where occupancy and rate climbed back to 2019 levels," said chief executive Keith Barr said.
"Discretionary business travel, group bookings and international trips have also shown increasingly encouraging signs, on top of continuing good levels of essential business demand."
IHG said its review of around 200 Holiday Inn and Crowne Plaza hotels was on track with more than 90 hotels exited already or with an exit confirmed, and more than 40 committed to improvement plans or scopes of work.
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