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Occupancy rates hit historic low, reports InterContinental Hotels Group

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According to Holiday Inn owner InterContinental Hotels Group (IHG), the group’s occupancy rates have hit an all-time low in both March and April due to the coronavirus pandemic.

Unsurprisingly the closure of hundreds of the company’s 5900 worldwide properties, as well as a radical decline in tourism, has resulted in poor numbers since countries began introducing lockdown measures throughout March.

April revenues per room have dropped by around 80%, according to the group.

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The company was keen to stay positive however, noting that its Chinese properties have begun reopening.

This should give the European and American markets some hope and an idea of when to expect business to pick back up.

The company made moves to reassure stockholders and potential investors of a promising future for the group and the wider industry.

Tags : coronavirusHoliday InnihgInterContinental Hotels Group
Sam Lewis

The author Sam Lewis

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