Rates still under pressure at InterContinental

10th Nov 2009 07:18

International hotels group InterContinental Hotels continued to see revenue per available room (revPAR) slide in the third quarter.RevPAR in the third quarter of 2009 fell 15.2% at constant currency rates.Things improved a tad after the end of the reporting period with October seeing a 13.5% decline in revPAR, with a 14.5% decline in the Americas, a 12.7% fall in Europe, the Middle East and Africa (EMEA) and a 9.9% tail-off in the Asia Pacific region.Third quarter revenue fell 19% to $401m from $496m a year earlier. The fall was 17% using constant exchange rates (CER).Adjusted operating profit also fell 19% (20% at CER) from $153m to $124m.Profit before tax and exceptional items eased to $111m from $125m. Exceptional debits for the period were $44m, versus a debit of $33m in the third quarter of 2008.‘The trading environment remains challenging. We see signs of occupancy stabilising, but rate is still under considerable pressure across the board,’ said Andrew Cosslett, chief executive of the group.