IHG Hotels & Resorts says challenges remain after chastening year
IHG Hotels & Resorts has reported a $153 million loss for financial 2020, compared to a profit of $630 million in 2019.
The figures reflect the continuing impact of the Covid-19 pandemic around the world.
IHG saw total group revenues fall from $4.6 billion in 2019 to $2.4 billion last year.
Keith Barr, chief executive at IHG Hotels & Resorts, said: “Last year was clearly the most challenging year in our history, with Covid-19 heavily impacting demand across our industry.
“2021 has begun with many of these challenges still in place, with more meaningful progress towards recovery for the industry unlikely until later in the year and dependent on global vaccine rollouts, lifting of restrictions and an acceleration in economic activity.”
Barr said another 285 hotels opened during the year and an average of almost one new property signing a day.
“Our preferred brands in attractive markets and segments, even stronger technology and loyalty platforms, and a substantial proportion of our pipeline being under construction, give us confidence in our ability to achieve industry-leading net rooms growth as the market recovers,” said Barr.
“The long-term attractiveness of our industry and future growth potential remains unchanged.”
Announcing its results, the hotel giant unveiled a 2030 Responsible Business Plan, Journey to Tomorrow, setting out “ambitious” commitments for environmental targets, support for communities and championing diversity, inclusion and equality.