Oct 22, 2021

Holiday Inn owner IHG boosted by staycations as Covid concerns linger

InterContinental Hotels Group, owner of Crowne Plaza and Holiday Inn, has pointed to "Encouraging signs" in business travel as it reported revenue had edged closer to pre-pandemic levels driven by staycations. Revenue per available room "Recovered closer towards pre-pandemic levels as more and more guests returned to our hotels around the world", he added. The revenue metric, closely monitored in the industry, soared 66 per cent in the three months to September 30 from the same period in 2020, IHG said in a statement on Friday, down 21 per cent from the same quarter in 2019. Nicholas Hyett, equity analyst at Hargreaves Lansdown, said "Domestic holidays, particularly in the US" had helped IHG "Deliver a reasonably healthy set of third-quarter numbers" but cautioned the company still had "Some way to go" before revenues returned to pre-pandemic levels. IHG shares slipped 3 per cent in afternoon trading in London, taking their gain for the year to date to 3.4 per cent.

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