IHG Announces Major Losses for 2020, But Promising Signs of Rebound

InterContinental Hotels (IHG) announced that it has lost $153 million in 2020 due to the ongoing coronavirus pandemic, but there are positive signs of growth.

According to Reuters.com, Paul Edgecliffe-Johnson, chief financial officer of IHG, said that while revenue per available room fell 52.5 percent last year, the faster recovery of the Holiday Inn Express brand has contributed to a rebound in key markets.

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IHG and the travel industry as a whole are looking forward to the widespread vaccination of travelers against VIDC-19, which should lead to a broader economic recovery starting later this year.

People want to travel again, Edgecliff-Johnson told Reuters. That’s what people have been missing the most, and why there’s a huge pent-up demand for travel. It will return very soon.

IHG’s Holiday Inn Express business, which represents about 70% of rooms in the United States, suffered less damage and recovered faster than other brands in the company’s portfolio.

Earlier this month, an IHG survey found that more than half of travelers have already booked or plan to rebook cancelled trips by 2021. Another study by the company found that 60% of those surveyed said they wanted to travel more environmentally and socially conscious.

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