InterContinental Hotels Reports Drop in Revenue After Pandemic Causes ‘Substantial’ Impact

By Paul Riegler on 13 August 2020
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Lobby Bar at the InterContinental Vienna

InterContinental Hotels Group announced financial results for the first six months of 2020.

InterContinental Hotels Group reported a year-over-year drop in revenue of 52% in the period, with the hotelier bringing in just $488 million.

“The impact of Covid-19 on our business has been substantial,” said the hotel chain’s CEO, Keith Barr.

Despite the drop, the company recorded an operating profit of $74 million for the period, down from the $410 million recorded in 2019.

In the six months to June 30 the firm saw global RevPar, or revenue per room, tumble 52%, and it was 75% lower in the second quarter.

(Photo: Accura Media Group)

 

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