IHG revealed it has secured new financing arrangements to further “strengthen” its liquidity position, which includes amending its syndicated revolving credit facility to include a waiver of existing covenants until 31 December 2021.
The amendment introduces a minimum liquidity covenant of $400m (£321m), tested at half-year and full-year, up to and including 30 June 2021.
IHG now has access to $1.35bn (£1.1bn) of cash on deposit and existing bank facilities are currently $660m (£530m) undrawn, taking total available liquidity to $2bn (£1.6bn).
The hotel group also announced 50% of its hotels in Europe, Africa, Australia and the Middle East have temporarily closed its doors, with 10% being closed in the US.
It also announced occupancy levels in comparable open hotels are currently in the low to mid 20% range across the business.