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InterContinental Hotels revenue slips in Q1, but sees signs of improving demand
StockMarketWire.com
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InterContinental Hotels reported a fall in revenue in the first quarter of the year owing to the pandemic impact, but said there were signs of improving demand led by the Americas and Greater China.
For the first quarter ended 31 March, Revenue per available room, or RevPAR was down 50.6% versus 2019, and down 33.7% versus 2020.
'There was a notable pick-up in demand in March, particularly in the US and China, which continued into April,' the company said.
RevPAR reflected a 23% reduction in occupancy, with the rate sustained at about 80% of 2019 levels.
The company opened 7,300 rooms across 56 hotels.
'While the risk of volatility remains for the balance of the year, there is clear evidence from forward bookings data of further improvement as we look to the months ahead,' the company said.
Story provided by StockMarketWire.com
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