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InterContinental Hotels Projects Q2 Comparable RevPAR Decline Of Approx. 75%

Intercontinental Hotels Group Plc (IHG.L,IHG) said it expects to report a comparable RevPAR decline of approximately 75% for second quarter, resulting in approximately 52% for first half. This include revenue decline of 82% in April, 76% in May and an estimated 70% for June.

The Group said it remains on track to reduce Fee Business costs by $150 million from 2019 levels; more than two-thirds of these savings will be delivered in the second half of the year.

The Group said the pace of hotels reopening has continued to accelerate through the second quarter, with only 10% of the global estate currently still closed.

As at 26 June, IHG continued to have approximately $2 billion in available liquidity.

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