Holiday Inn-owner IHG sees revenues droop as it’s rocked by a collapse of enterprise within the Middle East
The hotel giant owner of Holiday Inn and Crowne Plaza has been rocked by a collapse in business in the Middle East.
Intercontinental Hotels Group (IHG) said revenue per available room – a key industry metric – fell 26 per cent in the region in March and close to 50 per cent in April.
It has hotels across the Middle East including in Israel, Saudi Arabia, Oman, Qatar and the UAE.
However, strong demand in other regions including the US, Europe, China and East Asia, and the Pacific offset the downturn sparked by the Iran war.
Overall, IHG reported a 4.4 per cent rise in global revenue per available room in the first quarter, beating expectations of 3.3 per cent.
Its shares rose 1.5 per cent, or 2.2p, to 148.05p.
Holiday Inn-owner Intercontinental Hotels Group said revenues per available room – a key industry metric – fell 26% in the region in March and close to 50% in April.
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