US market subdued and weakness continues in China
Holiday Inn owner InterContinental Hotels Group said demand in Europe offset a subdued US market and dogged weakness in China.Holiday Inn owner InterContinental Hotels Group posted third-quarter room revenue growth of 1.5 per cent on Tuesday, as summer demand in Europe offset a subdued US market and dogged weakness in China.
Growth in revenue per available room - a key performance measure for the hotel industry - was driven by a 4.9 per cent growth in the Europe, the Middle East, Africa and Asia region in the quarter ended September 30th. However, in China, RevPAR was down 10.3 per cent in the absence of the strong recovery the company had seen in domestic travel in the same period last year, IHG said.
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