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

by Mike Robinson

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© Reuters. General view at O2 Intercontinental Hotel ahead of Q3 2020 InterContinental Hotels Group PLC Trade Statement Release. London, Britain. October 20, 2020. REUTERS/Matthew Childs

(Reuters] Holiday Inn owner IHG announced a significant jump in the third quarter of room revenue after a busy season. This was due to IHG’s efforts to ease travel restrictions and bring back pre-pandemic levels.

Hotel room revenue (RevPAR), an important performance indicator, increased by 66% during the period July to September. This was compared to a decrease of 53.4% one year prior, but this was still up 21% over 2019.

Chief Executive Officer Keith Barr stated that domestic leisure demand was strong in many markets this summer. Rates and occupancy rose back to 2019, and there are “increasingly encouraging” signs of international business travel.

Company said that it had completed its review of approximately 200 Holiday Inn and Crowne Plaza hotel properties.

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