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."
-
How taking a two-year career break could leave a £26k hole in your pensionCareer breaks are increasingly common but it is important to take steps to protect your pension, as gaps compound over time
-
Cash in on your attic: Thousands could be sitting dormant in your storageSelling your valuables at auction could be far more lucrative than you think. We take a look at how auctions work, and some tips to help you maximise your profits
