IHG: Holiday Inn owner braces for 50 per cent Middle East hit
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IHG Hotels & Resorts consolidated its progress in Mexico, Latin America and the Caribbean with the incorporation of more than 4,000 rooms during the last year, in a strategy that combines organic expansion, conversions and alliances. The company reports a portfolio of close to 400 properties between operation and development in the region, with presence in urban, beach and business destinations. Mexico remains its fifth market globally and one o…
IHG: Holiday Inn owner braces for 50 per cent Middle East hit
Holiday Inn owner IHG expects to see a 50 per cent hit to its operations in the Middle East, as the Iran war wreaks havoc on global travel. Intercontinental Hotels Group said revenue per available room in the Middle East slumped to a 26 per cent year-on-year fall in March, reversing the nine per cent growth seen in January and February. The Iran war has stifled tourism to the Middle East and caused a worldwide jet fuel shortage which has left a…
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