Search

Holiday Inn hotel chain suffers £210 million losses

PUBLISHED: 10:47 11 August 2020 | UPDATED: 11:24 11 August 2020

The owner of the Holiday Inn chain suffered catastrophic losses because of coronavirus. Pic: Dom Moore/ Holiday I nn.

The owner of the Holiday Inn chain suffered catastrophic losses because of coronavirus. Pic: Dom Moore/ Holiday I nn.

www.dommoore.co.uk

The owner of the Holiday Inn group, with four hotels in Norwich, suffered a pre-tax loss of £210 million because of coronavirus.

The Intercontinental Hotels Group (IHG) slumped to a half-year loss after taking a “substantial” hit from the crisis.

The group reported the pre-tax loss for the six months to June 30 compared with pre-tax profits of £287 million a year earlier.

You may also want to watch:

MORE: ‘Covid has taken the joy out of retail’: Fashion store owners closing down after 23 years

IHG laid bare the impact of worldwide Covid-19 lockdowns, stating its UK hotels saw revenue per available room plummet by 90%.

But the group said it saw “small but steady improvements” that had continued into July, with global hotel occupancy running at about 45% last month and the decline in revenue per available room improving to around 58%.

Keith Barr, chief executive of IHG, said: “The impact of Covid-19 on our business has been substantial.”


If you value what this story gives you, please consider supporting the Eastern Daily Press. Click the link in the orange box above for details.

Become a supporter

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community.

Latest from the Eastern Daily Press