Intercontinental Hotels Q1 RevPAR Down

(RTTNews) - Intercontinental Hotels Group PLC (IHG.L, IHG) reported Friday that its first-quarter Group revenue per available room or RevPAR was down 32.6 percent from last year on a reported basis, and was down 33.7 percent at constant exchange rates.

Compared to pre-covid level in 2019, first-quarter RevPAR was down 50.1 percent on a reported basis, and was down 50.6 percent at constant exchange rates.

The company said its trading continued to improve during the first quarter with increased demand mainly in the Americas and Greater China.

Keith Barr, Chief Executive Officer, IHG Hotels & Resorts, said, "There was a notable pick-up in demand in March, particularly in the US and China, which continued into April. While the risk of volatility remains for the balance of the year, there is clear evidence from forward bookings data of further improvement as we look to the months ahead."