InterContinental Hotels Group (IHG) saw RevPAR fall by 53 per cent in the three months to the end of September as the Covid-19 pandemic continues to take a huge toll on the hospitality sector.
The fall in RevPAR reflects a 30 per cent reduction in occupancy when compared to last year, with rates falling by 20 per cent on levels seen last year.
However, occupancy did improve to 44 per cent across the IHG portfolio from a low of 25 per cent in the second quarter.
Keith Barr, chief executive of InterContinental Hotels Group, said: “Domestic mainstream travel remains the most resilient, and our industry-leading Holiday Inn Brand family positions us well to meet that demand as it slowly returns.”
IHG said just three per cent of its properties, or around 200 hotels, remain closed in the wake of the pandemic.
“A full industry recovery will take time and uncertainty remains regarding the potential for further improvement in the short term, but we take confidence from the steps taken to protect and support our owners and drive demand back to our hotels as guests feel safe to travel,” added Barr.
“Our actions have resulted in ongoing industry outperformance in our key markets, and we remain focused on leveraging the strength of our brands, scale and market positioning to recover strongly and drive future growth.”
The results were in line with those of rival Accor, which also reported its results for the third quarter earlier.