Holiday Inn Owner Suffers Middle East Revenue Hit
World Cup bookings added about 1% to Americas RevPAR growth as IHG said half-year revenue and operating profit rose despite a 19% Middle East slump.
- On Tuesday, InterContinental Hotels Group reported half-year operating profits grew 10% to $665 million, despite the Middle East conflict that began February 28 impacting global travel.
- The Iran war prompted a travel slump in the Middle East, where RevPAR slumped by nearly a fifth, down 19% in the second quarter following a 2% drop in the previous three months.
- Strong growth in World Cup football match locations helped Americas RevPAR rise 4.8% over the half-year, with 5.4% growth in the second quarter adding about 1% to overall growth.
- IHG CEO Elie Maalouf told CNBC that "people's strong preference for experiences over goods" and a "growing middle class" are boosting travel demand, calling the World Cup a "great success commercially."
- Leveraging high employment levels and wage growth, Maalouf expects growth in other regions to offset Middle East disruptions through the second half of the year.
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Evening Standard
The IndependentWorld Cup boost helps Holiday Inn owner weather Iran war hit
IHG said revenue per available room rose by 4.8% in the Americas over the half-year.
Holiday Inn owner suffers Middle East revenue hit
The owner of Holiday Inn has suffered a slump in revenue at its Middle Eastern business as the Iran war knocked the region’s tourist economy. Intercontinental Hotels Group (IHG) said its revenue per available room in the Middle East slipped by 19 per cent in the three months to June. This followed a two per cent dip in the three months prior. The impact of the Iran war knocked the group’s overall revenue in the Europe, Middle East and Asia regi…
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In the last two weeks of the World Cup, isotonic drinks grew by more than 18%, pizza bases exceeded 27% and refrigerated sushi advanced by 16%. Significant increases were also recorded in ice, beers, ice cream and frozen potatoes.
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