IHG reopens after 76% drop in May room revenue
InterContinental Hotels Group posted a 76 percent slump in average room revenue in May due to coronavirus lockdowns, a slight improvement from
April, as the Holiday Inn-owner accelerates the reopening of its properties.
The UK-based company said comparable Revenue Per Available Room (RevPAR), a key gauge of performance for the hotel industry, could fall 75 percent for the second quarter overall. It reported an 80 percent slump in RevPAR in April. However, IHG said the pace of reopening has accelerated through the second quarter, with only 10 percent of the global estate currently still closed. “The small but steady improvements in RevPAR through the second quarter are mostly attributed to the Americas franchised estate and the Greater China region,” IHG said. Reuters