Holiday Inn owner IHG posts 3.2% rise in revenue per room in Q2 By Reuters

(Reuters) -Holiday Inn-owner InterContinental Hotels Group reported a 3.2% rise in revenue per available room (RevPAR) in the second quarter as a strong rebound in the United States offset weakness in China.

RevPAR, a key industry gauge of performance for the hotel industry, in the second-quarter accelerated from 2.6% in the first three months, IHG said.

“RevPAR growth accelerated in the latest quarter, reflecting a strong US rebound in Q2 and the breadth of our global footprint, and development activity continues to increase,” CEO Elie Maalouf said in a statement.

The hotel industry has benefited from higher demand and pricing as leisure travel rebounded from the pandemic. But it has had to contend with weakness in China and funding issues holding back new hotel developments in the U.S.

IHG raised its interim dividend by 10% and reported an operating profit from reportable segments of $535 million for the first-half, up 12%.