Revenge travel is over — even in China, says CEO of InterContinental Hotels Group
Publishing timestamp: 2023-10-24 02:22:34
Summary
The CEO of Intercontinental Hotels Group (IHG) stated that the pent-up travel demand that drove the global travel recovery after the Covid-19 pandemic is over. However, IHG's latest quarterly update showed strong travel demand during the summer travel season, and the company is optimistic about future bookings. Despite a drop in revenue per available room (revpar) in large cities in Greater China, overall revpar is up compared to pre-pandemic levels. IHG is seeing growth across all brands and regions, with a focus on the shifting middle class and GDP growth in Southeast Asia, Central Asia, and China. The company also plans to launch its new brand, Garner, which will be priced lower than Holiday Inn Express. IHG is not establishing a Middle East regional headquarters in Saudi Arabia but plans to expand in the region. The Israel-Hamas war may complicate tourism goals in Saudi Arabia and the UAE, but IHG remains committed to the region.
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Keywords: economy, accommodations, travel, wealth, saudi arabia, luxury, vacation costs, hotels and resorts, hospitality and leisure industry, tourism, business travel, israel-hamas war, life, business news, china, intercontinental hotels group plc, luxury travel,
Source: https://www.cnbc.com/2023/10/24/revenge-travel-is-over-even-in-china-says-ceo-of-ihg.html