IHG re­opens af­ter 76% drop in May room rev­enue

Arab News - - Business News -

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

Newspapers in English

Newspapers from Saudi Arabia

© PressReader. All rights reserved.