InterContinental Hotels Group PLC’s (LON:IHG) revenues per available room plunged 55% in March, with most hotels in China now reopened and only one in 10 closed in the USA.
Hotels that are open are only around 20-25% full, however, the FTSE 100 group said in an update.
Across Europe, the Middle East, Africa and Asia, around half of hotels are closed, with only 12 closed out of 470 hotels in China, compared to 60 that were still shut in mid-March and 178 at the peak.
Ahead of a full trading statement on Friday next week, the Holiday Inn and Crowne Plaza operator said revenues per available room in the first quarter fell 25% compared to the same period last year.
But after borrowing £600mln under the UK government’s coronavirus corporate finance facility now has total available liquidity of US$2bn.
IHG said it had also arranged an amendment with its banks for its revolving credit facility to waive existing covenants until 31 December 2021, requiring minimum liquidity of US$400mln to be tested every six months up to 30 June 2021.