The increased demand for national holiday means InterContinental Hotels Group is seeing an increase in bookings.
Owners of Crowne Plaza and Holiday Inn reported a 66% increase in third quarter revenue.
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“Domestic leisure demand was particularly strong in many summer markets, where occupancy and fees rose to 2019 levels,” Keith Barr’s chief executive said.
Commenting on the results, Danni Hewson of AJ Bell Financial Analyst said: With today’s update, the company is gradually reverting to pre-pandemic level trading and gradually checking photos of its recovery.
“A variety of franchises, including Holiday Inn and Crowne Plaza, have recently been boosted by domestic leisure travel as they spent their vacations abroad at home rather than at piers. This trend is the case for pre-Covid and post-Covid transactions. It was particularly noteworthy in the US, where the gap is narrowest.
“The group’s commitment to growth is remarkable, but rather than blindly chasing growth, they have adopted a sophisticated approach, and their business has left many hotels and improve others. I’m working on it.”
In the news, stocks fell to 2% to 4,883p.
