Holiday Inn owner shows signs of recovery
LONDON (UK) – InterContinental Hotels showed signs of recovery from pandemic lows as occupancy levels rose and hotel room revenues improved.
The company, whose brands include Holiday Inn, the Crowne Plaza, Regent and Hualuxe hotel chains, on Friday posted a 53.4% fall in third-quarter revenue per available room (RevPAR).
Occupancy also improved to 44% from 25% in the second-quarter.
Paul Edgecliffe-Johnson, chief financial officer at IHG, said, “Progress will continue to vary by region as restrictions come and go, and the potential for further improvement in trading in the near term remains uncertain.”
Hotel operators are now bracing up for a second wave of coronavirus infections, forcing countries to enforce new travel curbs.
IHG said capital spending is expected to be around $150 million in 2020, about a $100 million (76.5 million pounds) lower when compared to 2019.