Intercontinental Hotels says Asia, Middle East boosts Q3
InterContinental Hotels Group?, the world’s largest hotelier, posted a 3.3 percent rise in third-quarter global room revenue boosted by a strong performance in Asia, Middle East and Africa.
IHG, home to the Crowne Plaza, Holiday Inn and InterContinenal brands, had already warned that RevPAR growth – a measure closely watched by analysts – in its largest?business?in the Americas was hit in September.
Quarterly growth in global revenue generated per available room (RevPAR) was down on the 3.9 percent recorded for the same period a year ago.
“Despite the ongoing challenges in some of our?markets, current trading trends give us confidence for the rest of the year,” Chief Executive Richard Solomons said in a statement on Tuesday.
The company’s shares fell around 2 percent on Oct. 28 after it reported a slowdown in U.S. trading in the third quarter due to the earlier timing of public holidays.
In the first half of the year, IHG cited strong demand in the United States that was helping it – and rivals Starwood and Marriott International – offset tougher conditions in Europe and greater?China.
Shares in IHG closed at 1,794 pence on Monday, valuing the company at 4.65 billion pounds ($7.4 billion).