InterContinental Inns Group (IHG) noticed RevPAR fall by 53 per cent within the three months to the tip of September because the Covid-19 pandemic continues to take an enormous toll on the hospitality sector.
The autumn in RevPAR displays a 30 per cent discount in occupancy when in comparison with final 12 months, with charges falling by 20 per cent on ranges seen final 12 months.
Nonetheless, occupancy did enhance to 44 per cent throughout the IHG portfolio from a low of 25 per cent within the second quarter.
Keith Barr, chief govt of InterContinental Inns Group, mentioned: “Home mainstream journey stays essentially the most resilient, and our industry-leading Vacation Inn Model household positions us effectively to fulfill that demand because it slowly returns.”
IHG mentioned simply three per cent of its properties, or round 200 accommodations, stay closed within the wake of the pandemic.
“A full {industry} restoration will take time and uncertainty stays relating to the potential for additional enchancment within the brief time period, however we take confidence from the steps taken to guard and help our house owners and drive demand again to our accommodations as company really feel secure to journey,” added Barr.
“Our actions have resulted in ongoing {industry} outperformance in our key markets, and we stay centered on leveraging the energy of our manufacturers, scale and market positioning to get well strongly and drive future progress.”
The outcomes had been according to these of rival Accor, which additionally reported its outcomes for the third quarter earlier.
