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Stock impact report

UPDATE 1-IHG ramps up hotel reopenings, posts 76% drop in May room revenue [Reuters]

Intercontinental Hotels Group ADS (IHG)  More Company Research Source: Reuters
US:NYSE Investor Relations: ihgplc.com/investors
PDF UPDATE 1-IHG ramps up hotel reopenings, posts 76% drop in May room revenue (Adds details from the statement, shares) June 30 (Reuters) - InterContinental Hotels Group Plc on Tuesday posted a 76% slump in average room revenue in May due to coronavirus lockdowns, a slight improvement from April, as the Holiday Inn-owner accelerates the reopening of its properties. The UK-based company said comparable Revenue Per Available Room (RevPAR), a key gauge of performance for the hotel industry, is expected to fall 75% for the second quarter overall. It had reported an 80% slump in RevPAR in April. However, IHG, which operates Crowne Plaza, Regent and Hualuxe chain of hotels, said the pace of reopening has continued to accelerate through the second quarter, with only 10% of the global estate currently still closed. “The small but steady improvements in RevPAR through the second quarter are mostly attributed to the Americas franchised estate and the Greater China region,” IHG said. Occupancy leve [Read more]
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