InterContinental third-quarter revenue rise best in over 2 years
Reuters
Published Oct 21, 2014 08:28
InterContinental third-quarter revenue rise best in over 2 years
LONDON (Reuters) - InterContinental Hotels Group (L:IHG), one of the world's largest hoteliers, posted its biggest quarterly rise in room revenue in more than two years, fuelled by growth in all four of its regions.
IHG, which has about 4,700 hotels and owns the Crowne Plaza, Holiday Inn and InterContinental brands, said on Tuesday that third-quarter room revenue rose 7 percent, led by an 8.7 percent increase in the United States, the strongest quarterly performance there in 8 years.
Increased travel thanks to a recovering economy in the United States has resulted in fewer available hotel rooms and higher occupancy rates.
This has allowed hoteliers such as IHG and rivals Hilton Worldwide Holdings Inc (N:HLT) and Starwood Hotels and Resorts Worldwide Inc (N:HOT) to raise rates.
IHG's overall 7 percent rise in global revenue per available room (RevPAR), a key industry measure, was up from 5.8 percent growth in the first half of the year.
Third-quarter RevPAR grew 6.1 percent in Europe, helped by particular strength in Germany and the United Kingdom. It also rose 0.8 percent in Greater China.
RevPAR at the InterContinental Hong Kong climbed 5.4 percent during the quarter and the company said it has seen "minimal impact" from the recent protests there.
(Reporting by Martinne Geller; editing by David Clarke)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.