Source - SMW
Hotel chain InterContinental Hotels said it expected second-quarter room revenue to fall sharply, but said it had seen signs of improvements as the pace of hotels reopening continued to accelerate.
 
The company said it expected to report a comparable revenue per available room (RevPAR) decline of about  75% for the second quarter.
 
The drop would result in an around 52% decline for the first half, including declines of 82% in April, 76% in May and an estimated 70% for June.
 
'The small but steady improvements in RevPAR through the second quarter are mostly attributed to the Americas franchised estate and the Greater China region.  Occupancy levels in comparable open hotels have improved to over 40% in the US,' the company said.
 
The pace of hotels reopening had continued to accelerate through the second quarter, with only 10% of the global estate currently still closed, the company said. In the Americas and EMEAA regions around 5% and 30% of hotels respectively, currently remained closed.
 
The second-quarter RevPAR decline for the Americas region was estimated at 72%, with the he US franchised estate, estimated to have declined about 67% for the quarter.

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Intercontinental Hotels Group (IHG)

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