InterContinental Hotels Group, the parent company of Holiday Inn, reported an increase of 1.5 per cent in room revenue for the third quarter. This boost was attributed to the surge in demand during summer in Europe which helped to balance out the sluggish US market and persistent faltering in China.
The group saw a 4.9 per cent rise in the revenue per available room (RevPAR), a crucial determinant of success in the hotel business. This rise was seen in the region spanning Europe, the Middle East, Africa and Asia (EMEAA) in the quarter that ended on September 30th.
Meanwhile, in China, there was a significant 10.3 per cent drop in RevPAR. This was in stark contrast to the healthy domestic travel recovery witnessed the previous year, as reported by IHG.
Despite this, IHG anticipates meeting market expectations by 2024. The consensus compiled by the company indicates that analysts predict an average RevPAR growth of 2.6 per cent for InterContinental in 2024. – Reuters. Thomson Reuters holds the copyright for 2024.