Intercontinental Hotels Group posts rise in Q3 revenues

The increased demand for domestic holidays has meant Intercontinental Hotels Group is seeing an increase in bookings.

The owner of The Crown Plaza and Holiday Inn reported a 66% increase in revenues for Q3, which is 21% behind pre-pandemic levels.

“Domestic leisure demand was particularly strong in a number of markets over the summer, where occupancy and rate climbed back to 2019 levels,” said chief executive, Keith Barr.

Commenting on the results, AJ Bell financial analyst Danni Hewson, said: “The pandemic had an outsized impact on the hotels sector and InterContinental Hotels was no exception. Today’s update confirms a recovering picture with the company gradually clawing its way back to its pre-pandemic levels of trading.

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“Its various franchises, including Holiday Inn and Crowne Plaza, have been boosted of late by domestic leisure travel, as people holidayed at home rather than jetted off overseas. This trend was particularly notable in the US where the gap between pre-Covid and post-Covid trading is narrowest.

“The group’s commitment to growth is notable but it is taking a refined approach, rather than chasing growth blindly, with the business also exiting a large number of hotels and committing to the improvement of others.”

On the news, shares dipped 2% to 4,883p.

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