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InterContinental Hotels Group Plc, the world’s largest provider of hotel accommodation, said third-quarter room revenue rose as the owner of the Holiday Inn and Crowne Plaza brands saw increases in all its regions except Greater China.
Revenue per available room, a measure of occupancy and rates known as revpar, increased 4.8 percent from a year earlier, the Denham, England-based company said in a statement on Tuesday.
Revpar at InterContinental’s hotels in Europe advanced 7.8 percent in the third quarter, the company said, while there was an increase of 7.1 percent in Asia, the Middle East and Africa. Revpar fell by double digits in Hong Kong and Macau, where trading conditions remain challenging, according to InterContinental. That caused revpar in Greater China to drop 0.7 percent.
“Holiday Inn delivered a record level of room openings, and we are expanding our global luxury footprint, particularly in Greater China,” Chief Executive Officer Richard Solomons said in the statement.“We are encouraged by current trading trends and remain confident in the outlook.”
This article was written by Sharon Smyth from Bloomberg and was legally licensed through the NewsCred publisher network.