InterContinental posts rising revenues| MENAFN.COM

Thursday, 26 May 2022 01:31 GMT

InterContinental posts rising revenues

(MENAFN- AFP) InterContinental Hotels Group on Tuesday booked rising quarterly revenues per room, buoyed by the United States, and expressed optimism over the annual outlook.

Global revenue per available room (RevPAR) -- a key industry measure -- rose by 7.0 percent in the third quarter, compared with a year earlier, the group said in a statement.

The performance was led by 8.4-percent growth in the United States and 6.1-percent growth in Europe.

RevPAR is calculated by multiplying a hotel's average daily room rate by its occupancy rate.

"We delivered our best quarterly RevPAR performance in over two years with growth in each of our four regions," said IHG chief executive Richard Solomons.

He added: "Whilst some of our markets face heightened uncertainty and risks, we continue to see strong momentum in the business and remain encouraged by current trading and positive booking trends."

The impact of pro-democracy protests in Hong Kong was "minimal", the group added.

"RevPAR at InterContinental Hong Kong was up 5.4 percent in the quarter with increased group business and corporate events, despite the disruption from the on-going redevelopment adjacent to this hotel," the group said.

"We have seen minimal impact so far from recent protests."

The company owns the InterContinental, Crowne Plaza and Holiday Inn hotel chains.

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