Aug 11, 2020

IHG keeps adding hotels even as company swings to a loss

InterContinental Hotels Group, the owner of the Holiday Inn brand, said it had signed deals for an average of one new hotel a day in 2020 despite falling to a loss due to coronavirus. Keith Barr, chief executive of IHG, said the company had opened 90 new hotels in the first six months of the year, and signed agreements for 181 more, including 100 new Holiday Inns. Revenues in the six months to the end of June were $1.25bn, down 45 per cent from the same period last year, while the group slumped to a pre-tax loss of $275m. The real estate adviser Colliers last week reported a "Surge" in inquiries for hotels in staycation locations in the UK market. IHG said 95 per cent of its hotels have now reopened and that its 3,500 economy hotels in the US were operating with occupancy levels of more than 50 per cent, above the current industry average.

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