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Benzinga
Benzinga
Shivani Kumaresan

IHG Hotels & Resorts On Way To Recovery As Travel Booms

Americas (Organization) InterContinental Hotels Group plc NYSE China
  • InterContinental Hotels Group PLC (NYSE:IHG) IHG Hotels & Resorts said its first-quarter revenue per room neared pre-pandemic levels.
  • Rise in demand for hotel stays in the U.S. spring break has lifted occupancy rates, Reuters reported.
  • Q1 RevPAR, or revenue per available room, was up 61% over the same period in 2021, reaching 82% of the 2019 level.
  • The company noted Americas and EMEAA saw sequentially improved trading in February and March after a challenging January.
  • Meanwhile, China's trading in March was impacted by the tightening of localized travel restrictions.
  • "The high level of demand we have seen for leisure travel continues to drive increased rates and occupancy," said Keith Barr, CEO, IHG Hotels & Resorts.
  • Price Action: IHG shares closed lower by 6.36% at $62.26 on Thursday.
  • Photo Via Wikimedia Commons
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