Shares in Intercontinental Hotels edged lower this morning, as it said some of its markets had suffered due to low oil prices and the early timing of Easter.
Global revenue per available room, an industry measure known as revpar, increased 1.5 per cent in the first quarter, helped by growth in the Americas and Europe.
The overall revpar figure was held back by slumping sales in the Middle East, which fell 10.4 per cent due to low oil prices.
Intercontinental's shares slumped 0.6 per cent to 2,680p per share on the news.
But the company, which owns the Holiday Inn and the Crowne Plaza chains, reiterated its confidence for the coming year.
Richard Solomons, chief executive of InterContinental, said: "Despite economic and political uncertainty in some markets, current trading trends and the momentum behind our brands give us confidence for the rest of the year."
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The US eked out 1.5 per cent revpar growth in the first three months of 2016, helped by record levels of industry demand. However, this was dragged down by the company's high concentration of rooms in oil producing markets.
Revpar remained flat in the UK, as regional growth was offset by softer trading in London, predominantly due to supply increases.
It fell 2.3 per cent in France due to declines in Paris, following the terror attacks towards the end of last year which left 130 people dead.