Holiday-Inn owner IHG loses $153 mn, scraps dividend as crisis hits travel

The company, whose brands include the Crowne Plaza, Regent and Hualuxe hotel chains, said 2020 was the most challenging year in its history as it reported a 52.5 per cent drop in revenue

InterContinental Hotels signalled its pandemic-driven troubles were far from over as repeated Covid-19 restrictions and lockdowns forced the Holiday Inn-owner to cancel its final dividend and book an annual loss on Tuesday.
 

The company, whose brands include the Crowne Plaza, Regent and Hualuxe hotel chains, said 2020 was the most challenging year in its history as it reported a 52.5% drop in revenue per available room for the year.
 

Pinning its hopes on the global roll-out of Covid-19 vaccines and easing restrictions, IHG said the industry was unlikely to see a recovery until later in the year as global travel