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.
You might also like
Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
You can unsubscribe at any time
Close
Sign in
Recover your password.
A password will be e-mailed to you.
- LOGIN / SIGN UP
- NEWS
- MARKETS
- SECTORS
- FEATURES
- Partner articles
- Airlines / Airports
- Car Rental
- Conferences
- Cruising (Ocean)
- Cruising (River)
- Destination Management (DMC)
- GDS / CRS
- Hotels & Resorts
- Hotel Management Company
- Hotel Technology
- HR / Appointments
- Insurance
- Meetings, Incentives, Conferencing, Exhibitions (MICE)
- Travel Agents (all)
- Travel Technology
- Tourism Boards
- Interviews
- Industry appointments
- Travel Bloggers
- Podcasts – Features
- Partner articles
- EVENTS
- JOBS
- TRAVEL GUIDES
- Destination NaJomtien BanAmphur BangSaray *NEW*
- จุดหมายปลายทาง นาจอมเทียน หาดบ้านอำเภอ บางเสร่ *NEW*
- South Australia Reward Wonders *NEW*
- Ponant Yacht Cruises and Expeditions
- Encore Tickets (Chinese Guide)
- Affordable Luxury in Thailand by Centara Hotels
- Rising Above the Oridinary by Conrad Bangkok
- The Best of Thailand
- IWTA SERIES
- IWTA AWARDS
Comments are closed.