IHG, owner of brands like InterContinental and Regent as well as Holiday Inn and Avid, reported that hotel performance levels at the company for the first three months of the year were at 82% of 2019 levels. That’s a 61% increase from the same quarter in 2021, and the U.S. and Americas region drove much of that recovery.
IHG leaders recognize the quarter could have been better had it not been for the tough lockdown measures taking place in China amid an omicron surge hitting Shanghai, where the company has a corporate office, particularly hard.
“China has been challenging, and we’ve seen that come through in the numbers,” Paul Edgecliffe-Johnson, IHG’s chief financial officer, said on an investor call. “What’s important to note is that our experiences in the last 24 months or so show that China demand does come back very rapidly, as it has elsewhere in the world, once restrictions are lifted.”
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