IHG reports $153m loss as Covid ‘heavily’ hits demand

Intercontinental Hotels Group reported a $153 million loss for 2020 – compared to a profit of $630 million in 2019 – as the pandemic took its toll around the world.

Total group revenues fell from $4.6 billion in 2019 to $2.4 billion.

Announcing its results, IHG also 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.

Keith Barr, chief executive at IHG Hotels & Resorts, said: “2020 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.”

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

IHG also launched voco in the US and China, taking the premium brand to more than 20 countries

“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.”

The group has brands such as Holiday Inn, Six Senses Hotels Resorts Spas, Regent Hotels & Resorts, InterContinental Hotels & Resorts, Kimpton Hotels & Restaurants, Hotel Indigo and Crowne Plaza Hotels & Resorts.

Share article

View Comments

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.