Hotel giant hits record £210 million loss
Thursday, August 13, 2020
The owner of Holiday Inn and Crowne Plaza was hit by a first-half loss of 275 million dollars (210.5 million euros) after a "considerable" hit from the coronavirus outbreak.
IHG was highlighting the fallout from worldwide Covid 19 lockdowns and falling demand, with disposable room revenues worldwide having fallen by 52 per cent in the first half of the year and 75 per cent in the three months to the end of June.
Intercontinental Hotels Group reported a pre-tax loss for the six months ending 30th June, compared to a pre-tax profit of $375m (£287m) the previous year.