InterContinental Hotels Group said its comparable RevPAR declined 24.9% in the first quarter and dropped 55% in March. Comparable RevPAR is expected to be down by 80% in April.
The company had 15% or 1,000 hotels closed as of end of April but just 2% or 10 hotels closed in Greater China.
First quarter RevPAR in Greater China was down 65.3%, reflecting the outbreak of Covid-19 in January. RevPAR was down 89% in February, improving modestly to an 81% decline in March and to an expected ~75% decline in April.
In mainland China, Q1 RevPAR declined 63%. RevPAR in Tier 1 and 2 cities declined 64%, and Tier 3 and 4 cities fell 59%.
Recent weeks have continued to see a moderate improvement in occupancy levels which are running in the mid-20% range, up from a trough of ~5% in mid-February.
