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IHG's first-quarter RevPAR drops 65.3% in China

05/07/2020| 10:57:40 PM| ChinaTravelNews 中文

Recent weeks have continued to see a moderate improvement in occupancy levels which are running in the mid-20% range, up from a trough of ~5% in mid-February.

InterContinental Hotels Group said its comparable RevPAR declined 24.9% in the first quarter and dropped 55% in March. Comparable RevPAR is expected to be down by 80% in April. 

The company had 15% or 1,000 hotels closed as of end of April but just 2% or 10 hotels closed in Greater China. 

First quarter RevPAR in Greater China was down 65.3%, reflecting the outbreak of Covid-19 in January. RevPAR was down 89% in February, improving modestly to an 81% decline in March and to an expected ~75% decline in April. 

In mainland China, Q1 RevPAR declined 63%. RevPAR in Tier 1 and 2 cities declined 64%, and Tier 3 and 4 cities fell 59%. 

Recent weeks have continued to see a moderate improvement in occupancy levels which are running in the mid-20% range, up from a trough of ~5% in mid-February. 

TAGS: InterContinental Hotels Group | IHG | Greater China
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