InterContinental Hotels Sees 25% Decline In Q1 Global RevPAR

(RTTNews) - InterContinental Hotels Group plc (IHG.L, IHG), a British multinational hospitality company, said Monday it continues to expect Global RevPAR to decline about 25 percent in the first quarter, including a 55 percent decrease in March.

While trading in Greater China continues to steadily improve with only 12 out of 470 hotels now closed, about 10 percent of the hotels in the US are currently closed.

In EMEAA region, about 50 percent of hotels are currently closed. Occupancy levels in comparable open hotels are currently in the low to mid 20 percent range across the business, the Group reported.

In addition, IHG said it has secured new financing arrangements, which includes amending its syndicated revolving credit facility to include a waiver of existing covenants until 31 December 2021.

Also, the Bank of England confirmed IHG as an eligible issuer for the UK Government's CCFF, and IHG has issued 600 million pounds in commercial paper under this facility.