May 6 (Reuters) – InterContinental Hotels Group (IHG), owner of Holiday Inn, reported a strong rebound in the hotel sector on Friday as travel gradually resumed after COVID-19 restrictions were lifted, including in the United States, its largest market.
IHG said its revenue per available room (RevPAR) climbed 61% in the quarter ended March, or 82% of pre-pandemic levels, on the back of a recovery in demand in the regions. Americas and Europe, Middle East, Africa and Asia, excluding China.
The group, which also operates the Crowne Plaza, Regent and Hualuxe hotel chains, said strong demand had boosted occupancy rates and room rates. In the United States, prices for leisure stays increased by more than 10% compared to 2019.
“As occupancy rates increase and thanks to the strength of our brands, our hotels benefit from increased pricing power,” Chief Executive Keith Barr said in a statement.
Business in mainland China remains marred by restrictions put in place to limit the surge in coronavirus cases, the London-listed company added. (Reporting Shanima A in Bangalore; French version Dagmarah Mackos; editing by Kate Entringer)
click here for restrictions
©2022 Reuters