InterContinental Revpar Jumps Worldwide Except Greater China
InterContinental Hotels Group, the world’s largest provider of hotel accommodation, which operates the former Four Seasons hotel in Dublin (pictured), said third-quarter room revenue rose as the owner of the Holiday Inn and Crowne Plaza chains saw increases in all its regions except Greater China. The shares soared.
Revenue per available room, a measure of occupancy and rates known as revpar, increased 4.8 per cent from a year earlier, the company said in a statement on Tuesday.
InterContinental’s shares rose as much as five per cent, the most since July 30, and were trading at 2,428 pence in London at 9:55am.
Revpar at InterContinental’s hotels in Europe advanced 7.8 per cent in the third quarter, the company said, while there was an increase of 7.1 per cent in Asia, the Middle East and Africa. Revpar fell by double digits in Hong Kong and Macau, where trading conditions remain challenging, according to InterContinental. That caused revpar in Greater China to drop 0.7 percent.
“Holiday Inn delivered a record level of room openings, and we are expanding our global luxury footprint, particularly in Greater China,” Chief Executive Officer Richard Solomons said in the statement.
“We are encouraged by current trading trends and remain confident in the outlook."
News by Bloomberg, edited by Hospitality Ireland