Oct 21 (Reuters) – Holiday Inn owner IHG said on Friday its third-quarter hotel room revenue jumped from year-ago numbers and has also exceeded pre-pandemic levels, buoyed by higher room prices and solid summer demand for travel.
Hotel operators are benefiting as people spend more on travel and book longer hotel stays, lifting occupancy rates and prices, although they are facing risks from stubborn inflation and a cost-of-living crisis that cast a cloud over winter demand.
The company also said Chief Financial Officer Paul Edgecliffe-Johnson will step down in six months to join Flutter Entertainment, a sports betting and gaming operator, as its finance chief.
IHG, which also owns Crowne Plaza, Regent and Hualuxe, said RevPAR – a key performance indicator – rose 28% in the third quarter from last year and came in 2.7% higher than the same period in 2019.
Occupancy levels remained below 2019 levels in the quarter, but the average daily rate was up 11% versus 2019, IHG said.
(Reporting by Radhika Anilkumar in Bengaluru; Editing by Sherry Jacob-Phillips)
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