Posted: 30.06.20 at 16:54 by Nick Hudson
ONE of the biggest names in hospitality with a hotel at the gateway to Bedworth has today announced it expects revenue to have more than halved over the past six months after being hammered by Covid-19.
Holiday Inn owner Intercontinental Hotels Group is also anticipating reporting a three-quarters fall in income per available room for the quarter to the end of June after sites were forced to close in the face of the virus.
The decline has slowed down marginally over the last three months, with the group predicting 70 per cent drop for June, following slumps of around 76 per cent in May and 82 per cent in April compared to the comparable months last year.
IHG said the pace of hotel reopenings has recently accelerated, although around one in 10 of its global hotel estate remains closed.
Hotels in England have been given the green light to reopen from this Saturday after closing their doors in March.
The Holiday Inn Express on Bermuda Park – with 100 guest rooms available out of a worldwide total of nearly 300,000 “upper economy” sleeping accommodation – is now taking bookings for reopening next Monday.
About five per cent of the IHG hotels in the Americas region are still closed to holidaymakers while nearly a third of hotels in Europe are shut in the face of Government-mandated lockdowns.
The group, which qualified for £600 million from the Government's Covid corporate financing facility, said it has already made progress in reducing costs and capital expenditure – with more than two-thirds of these savings set to be delivered in the second half of 2020.