InterContinental Hotels' U.S. growth slows
LONDON (Reuters) - Intercontinental Hotels Group said revenue growth at its operations in the United States slowed in the third quarter due to the July 4 holiday falling midweek and a shift in some religious holidays in September.
The world's biggest hotelier said revenue per available room (RevPAR), a key industry metric, rose 4.6 percent for July to September, driven by a 4.0 percent rise in room rates.
That was a slowdown from growth earlier in the year, the owner of the Intercontinental, Crowne Plaza and Holiday Inn chains said. U.S. RevPAR for the nine months to end-September rose 6.3 percent, and room rates were up 4.3 percent.
"The U.S. industry continues to benefit from a favourable supply and demand dynamic," the company said on Wednesday.
"Supply growth remains well below historic levels and the industry has broken monthly records for room nights sold in each of the past nineteen months, although the pace of demand growth is expected to continue to slow." (Reporting by Paul Sandle; editing by Kate Holton)