20th Oct 2015 06:19
LONDON (Alliance News) - InterContinental Hotels Group PLC Tuesday reported a drop in revenue per available room in the third quarter of 2015 due to the strengthening of the dollar, but said RevPAR grew in three of its four operating regions on a constant exchange rate basis.
The FTSE 100-listed hotel operator, which owns brands including Holiday Inn, Crowne Plaza and InterContinental Hotels, said global RevPAR in the third quarter fell 0.4% on the same period the year before due to the strengthening of the dollar, although it grew 4.8% at constant exchange rates, led by a 3.6% rise in room rates.
Regionally, RevPAR grew 4.3% in the Americas at constant exchange rates, 7.8% in Europe and 7.1% in Asia, the Middle East and Africa, but was down 0.7% in Greater China.
IHG said is now expects a USD5 million hit on reported fee business operating profit for every one percentage point difference in full-year group RevPAR growth between constant and reported exchange rates.
"Looking ahead to the remainder of this year, we are encouraged by current trading trends and remain confident in the outlook," Chief Executive Richard Solomons said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
InterContinental Hotels