Intercontinental Hotel Group (IHG) hotels has warned of a sharp deterioration in trading conditions in October and issued a profit warning for the final quarter, according to a BBC report.
The hotel giant said revenue per available room (revPAR) has dropped 4.5% as the economic turbulence spread to the hotel sector. The company posted a 28% fall in third quarter net profits, to US$91 million. It added that sales to September had remained strong but the market conditions had since deteriorated.
“We expect the next few months to be down,” said IHG’s Chief Executive, Andrew Cosslett.
He added however, that IHG’s expansion plans would continue.
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