Salem Radio Network News Thursday, December 2, 2021

Business

Holiday Inn owner IHG room revenue bouncing back to pre-pandemic levels

(Reuters) – Holiday Inn owner IHG reported a sharp jump in third-quarter room revenue on Friday after a busy summer, with the company recovering closer to pre-pandemic levels on easing travel restrictions.

The company said hotel room revenue (RevPAR), a key performance indicator, rose 66% for the July-September period, compared with a 53.4% drop a year earlier, but it was down 21% from 2019.

“Domestic leisure demand was particularly strong in a number of markets over the summer, where occupancy and rate climbed back to 2019 levels,” Chief Executive Officer Keith Barr said, adding, there were “increasingly encouraging signs” of business travel and international trips.

The company said its review of around 200 Holiday Inn and Crowne Plaza hotels were on track.

(Reporting by Federico Maccioni in Gdansk and Yadarisa Shabong in Bengaluru, editing by Anil D’Silva and Rashmi Aich)

Previous
Next

Editorial Cartoons

View More »

Gary Varvel
Wed, Nov 24, 2021

X CLOSE