Feb 23, 2021

Hotels group IHG cautious about travel recovery

InterContinental Hotels Group, owner of the Holiday Inn and Crowne Plaza brands, has warned that the difficulties of the "Most challenging year" in its history have stretched into 2021 as new strains of coronavirus force countries to close borders and limit travel. Results on Tuesday showed revenues across the FTSE 100 group fell 52 per cent to $992m in the year to the end of December 2020 and it swung from a pre-tax profit of $542m to a loss of $280m. Shares in IHG rose more than 4 per cent in early London trading as investors focused on recovery across the travel sector. IHG expects to benefit from a recovery in budget leisure and business travel. Revenue per available room - the industry's preferred performance metric - was still far below historic levels in the fourth quarter, IHG said.

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