InterContinental Hotels Group this morning posted slowing revenue in its US operations, largely due to a shift in when public holidays fell over the third quarter.
Revenue per available room (RevPAR) grew at 4.6 per cent for the three months to September, driven by a four per cent increase in room rates, a slightly “softer” rate of growth.
Over the nine months to September, RevPAR increased 6.3 per cent, with room rates jumping 4.3 per cent.
The FTSE 100 group, which owns the InterContinental, Crowne Plaza and Holiday Inn brands, said today that 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,” it added in a statement.
City A.M. Reporter