InterContinental Hotels Group Plc said fewer people checked into its hotels in t...
- InterContinental Hotels Group Plc said fewer people checked into its hotels in the first quarter due to lower demand in China, South Korea and France.
InterContinental, whose 13 brands include Crowne Plaza, Holiday Inn and Hotel Indigo, reported a 0.3 percent rise in room revenue as strong demand in the Latin America and Caribbean markets was offset by weakness in the Greater China region.The FTSE 100 company’s shares fell 3.3 percent to 4,833 pence in the first hour of trading before cutting their losses to 1 percent by 0915 GMT.
In South Korea, the company reported a 30 percent plunge in RevPar, because of tough comparisons due to the Winter Olympics hosted in the country last year. Weak demand in China’s smaller cities meant the company reported flat room revenue. Accor SA, Europe’s biggest hotel group, recently said weakness in Asia held back growth in RevPAR in its first quarter.
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