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

Tajammul Pangarkar
Tajammul Pangarkar

Updated · Oct 22, 2021

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October 22, 2021

(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)

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

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Tajammul Pangarkar

Tajammul Pangarkar

Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.

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