Travel IHG Hotels & Resorts says challenges remain after chastening...

IHG Hotels & Resorts says challenges remain after chastening year | News


IHG Hotels & Resorts has reported a $153 million loss for financial 2020, compared to a profit of $630 million in 2019.

The figures reflect the continuing impact of the Covid-19 pandemic around the world.

IHG saw total group revenues fall from $4.6 billion in 2019 to $2.4 billion last year.

Keith Barr, chief executive at IHG Hotels & Resorts, said: “Last year was clearly the most challenging year in our history, with Covid-19 heavily impacting demand across our industry.

“2021 has begun with many of these challenges still in place, with more meaningful progress towards recovery for the industry unlikely until later in the year and dependent on global vaccine rollouts, lifting of restrictions and an acceleration in economic activity.”

Barr said another 285 hotels opened during the year and an average of almost one new property signing a day.

“Our preferred brands in attractive markets and segments, even stronger technology and loyalty platforms, and a substantial proportion of our pipeline being under construction, give us confidence in our ability to achieve industry-leading net rooms growth as the market recovers,” said Barr.

“The long-term attractiveness of our industry and future growth potential remains unchanged.”

Announcing its results, the hotel giant unveiled a 2030 Responsible Business Plan, Journey to Tomorrow, setting out “ambitious” commitments for environmental targets, support for communities and championing diversity, inclusion and equality.

Source link


Please enter your comment!
Please enter your name here

Latest news

WhatsApp alerting users to accept updated privacy policy by May 15 | Technology News

In what could be a surprise for many users, WhatsApp has started reminding a few of its users...

Google to speed up release cycle of Chrome browser to four weeks | Technology News

Google is working on speeding up the release cycle of Chrome updates to four weeks from the current...

Flipkart enables voice search in Hindi, English: Here’s how to use it | Technology News

Ecommerce platform Flipkart has dropped a voice search on its platform that will allow customers to search for...

PUBG: New State pre-registrations surpasses 5 million mark in just 1 week | Technology News

PUBG Mobile game’s latest instalment, PUBG New State has crossed the 5 million mark in pre-registration in just...

Is Adidas giving free shoes on Women’s Day? Don’t fall for this WhatsApp scam | Technology News

Popular messaging platform WhatsApp has become vulnerable to different kinds of scams that often con users with dubious...

Must read

You might also likeRELATED
Recommended to you

en English