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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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