Intercontinental Hotel Group's growth rate halved during the third quarter amid continued struggles in the Chinese market. The Holiday Inn owner reported that revenue per available room (RevPAR) rose by only 1.5 per cent year-on-year in the three months ending September, compared to 3.2 per cent in the previous quarter. Hainan island - often nicknamed China's Hawaii - was hit by super typhoon Yagi, the most powerful storm to hit Asia this year. Elie Maalouf, chief executive of IHG, said: 'We are pleased with the latest trading performance and another strong period of development activity.' IHG has rebounded strongly since the loosening of pandemic-related restrictions that caused substantial financial damage to the global tourism industry.

Source: Daily Mail October 22, 2024 11:14 UTC