Intercontinental Hotels Q1 Comparable RevPAR Down 24.9% - Quick Facts

(RTTNews) - InterContinental Hotels Group plc (IHG.L, IHG) said Thursday that Group comparable RevPAR in the first quarter was down 24.9 percent. Comparable RevPAR was down 55 percent in March and is expected to be down around 80 percent in April.

Occupancy levels in comparable open hotels were in the low-to-mid 20 percent range, while net system size grew 4.6 percent year-over-year to 882,000 rooms.

InterContinental Hotels said it signed 14,000 rooms (104 hotels) in the quarter, including 4,000 in March, taking the pipeline to 288,000 rooms.

The company said it is on track to reduce fee business costs by up to $150 million and capex by about $100 million. It will implement further cost measures to manage the business through the evolving trading environment.

InterContinental Hotels anticipates gross capital expenditure of about $150 million for 2020, a saving of about $100 million compared to 2019.