28th Oct 2013 08:17
LONDON (Alliance News) - Intercontinental Hotels Group PLC Monday said growth in revenue per available room had slowed in the third quarter across its hotel chains in the US and the Americas, which it blamed on the timing of certain holidays.
It said RevPAR grew 3.5% in the third quarter compared with 4.5% for the first nine months of the year, while the rate in September was 1.6%, "reflecting slower group business, as seen across the industry as a whole, following the earlier timing of certain holidays."
"Current trading trends give us confidence for the rest of the year and our strategy for high quality growth positions us well for continuing success into the future," the owner of brands including Crowne Plaza, Holiday Inn and Candlewood Suites said in a statement.
The hotel operator will release a full trading update for the third quarter November 5.
It said RevPAR growth in the third quarter was driven predominantly by a 2.5% increase in room rates, with nine-month rates up 2.9%.
By Steve McGrath; [email protected]; @SteveMcGrath1
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