Holiday Inn and Crown Plaza owner InterContinental Hotels Group (IHG) saw growth in US revenue per available room (RevPAR) moderate in the third quarter as a result of a seasonal impact, the company said on Wednesday.
Speaking at the annual conference for hotel owners in the Americas region, IHG said that RevPAR - a key measure in the hotel industry - in the US rose by 4.6% year-on-year in the three months to September 30th, down from the 8.0% growth seen in the first half.
The company said that this reflects "the shift in timing of certain holidays which adversely impacted results in both July and September."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Therefore, for the nine months to the end of September, US RevPAR growth fell to 6.3%.
"The US industry continues to benefit from a favourable supply and demand dynamic.Supply growth remains well below historic levels and the industry has broken monthly records for room nights sold in each of the past nineteen months, although the pace of demand growth is expected to continue to slow."
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
