IHG Lodges & Resorts says challenges stay after chastening yr | Information

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

IHG Hotels & Resorts has reported a $153 million loss for monetary 2020, in comparison with a revenue of $630 million in 2019.

The figures replicate the persevering with affect of the Covid-19 pandemic all over the world.

IHG noticed whole group revenues fall from $4.6 billion in 2019 to $2.Four billion final yr.

Keith Barr, chief government at IHG Lodges & Resorts, stated: “Final yr was clearly essentially the most difficult yr in our historical past, with Covid-19 closely impacting demand throughout our {industry}.

“2021 has begun with many of those challenges nonetheless in place, with extra significant progress in direction of restoration for the {industry} unlikely till later within the yr and depending on world vaccine rollouts, lifting of restrictions and an acceleration in financial exercise.”

Barr stated one other 285 lodges opened in the course of the yr and a median of just about one new property signing a day.

“Our most popular manufacturers in engaging markets and segments, even stronger know-how and loyalty platforms, and a considerable proportion of our pipeline being below development, give us confidence in our means to attain industry-leading web rooms progress because the market recovers,” stated Barr.

“The long-term attractiveness of our {industry} and future progress potential stays unchanged.”

Asserting its outcomes, the lodge large unveiled a 2030 Accountable Enterprise Plan, Journey to Tomorrow, setting out “formidable” commitments for environmental targets, assist for communities and championing variety, inclusion and equality.

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