May 7, 2020 / 6:34 AM / 23 days ago

BRIEF-IHG Sees 80% Plunge In April Room Revenue

May 7 (Reuters) - InterContinental Hotels Group PLC:

* IHG - GROUP Q1 COMPARABLE REVPAR(1) DOWN 24.9%; MARCH DOWN 55%; APRIL EXPECTED TO BE DOWN AROUND 80%

* IHG - OCCUPANCY LEVELS DROPPED TO HISTORIC LOWS IN MARCH AND APRIL

* IHG - IN US, OUR BIGGEST MARKET, OUR FRANCHISE PORTFOLIO OF 3,750 MAINSTREAM HOTELS HAS SEEN LOWER LEVELS OF REVPAR DECLINE THAN INDUSTRY

* IHG - ANTICIPATE CONTINUED DISRUPTION TO TRAVEL IN MONTHS AHEAD

* IHG - STILL SEEING HOTEL OPENINGS INCLUDING REGENT SHANGHAI PUDONG LATER THIS MONTH

* IHG - AROUND 15% (AROUND 1,000 HOTELS) OF ESTATE CLOSED AS AT END OF APRIL; AROUND 10% (AROUND 440 HOTELS) IN AMERICAS

* IHG - PROGRESS ALSO CONTINUES AROUND WORLD TO BUILD UPON LAUNCHES OF OUR AVID, VOCO AND ATWELL SUITES BRANDS.

* IHG - GLOBAL REVPAR IN Q1 DECLINED BY 25%, INCLUDING A 55% DECLINE IN MARCH, AND WE ANTICIPATE APRIL TO BE DOWN BY AROUND 80%

* IHG - IN US FRANCHISE PORTFOLIO OF 3,750 MAINSTREAM HOTELS SEEN LOWER LEVELS OF REVPAR DECLINE THAN INDUSTRY, AT APRIL-END HAD AROUND 90% ESTATE OPEN

* IHG - SEE CONTINUED DISRUPTION TO TRAVEL IN MONTHS AHEAD, AND FORWARD VISIBILITY ON TIMING AND SHAPE OF IMPROVEMENTS IN DEMAND REMAINS VERY LIMITED

* IHG - Q1 REVPAR IN GREATER CHINA WAS DOWN 65.3%, REFLECTING OUTBREAK OF COVID-19 IN JANUARY

* IHG - TOTAL AVAILABLE LIQUIDITY IS ABOUT $2BN, COMPRISING ABOUT $1.2BN OF CASH ON DEPOSIT AND UNDRAWN FACILITIES ON OUR RCF OF $850M Source text for Eikon: Further company coverage:

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