Holiday Inn-owner IHG bruised by weak bookings in China, Hong Kong
Reuters
Published Oct 18, 2019 02:51AM ET
Holiday Inn-owner IHG bruised by weak bookings in China, Hong Kong
(Reuters) - Holiday Inn-owner InterContinental Hotels Group (L:IHG) blamed lower business bookings in China and protests in Hong Kong for a 0.8% fall in quarterly revenue per room on Friday, the latest company to be pinched by weaker global travel.
The company, which has nearly 5,800 hotels under brand names like Crowne Plaza and Regent Hotels & Resorts, said revenue per available room (RevPAR) fell 6.1% in Greater China, with a 36% drop in Hong Kong.
Competitors such as Hilton Worldwide Holdings Inc (N:HLT) and Raffles owner AccorHotels (PA:ACCP) have warned of slowing growth in China as the Sino-U.S. trade war and a slowing global economy would dampen spending on business and leisure travel to China.
Tourism in Hong Kong has also been squeezed by more than four months of protests against what is seen as Beijing tightening grip on the Chinese-ruled city.
IHG also signaled tougher trading conditions in the United States, but said it was confident in its financial outcome for the rest of the year. (https://reut.rs/35Lf0Jl)
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Written By: Reuters
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