The group said that in March RevPAR was down 55%, and in April it is expected to be down by as much as 80%.
Despite this, IHG opened 6,000 rooms during the period, including 1,000 in March. The group also said it is building on its conservative balance sheet approach, and aims to deliver on its plans to reduce costs, preserve cash and strengthen its liquidity.
It also remains focused on managing the business appropriately through this “unique period” while also positioning IHG to “emerge strongly” when markets recover.
Keith Barr, chief executive officer of IHG, said: “Covid-19 represents the most significant challenge both IHG and our industry have ever faced. We are responding on every front and taking decisive action to the benefit of all our stakeholders.
“Our top priority remains to support our guests, colleagues and hotel owners through this crisis, whilst protecting for the long term and positioning the business for recovery.”
He added: “This includes protecting the health and safety of guests and colleagues; flexing booking and cancellation options for guests and protecting their loyalty membership status; and repurposing hotels to provide essential activities including accommodation to frontline workers, military personnel and vulnerable members of society.
“We have been working closely with our owners to help keep hotels open, including advising on adjusting operations, providing fee relief and payment flexibility, and collaborating to secure broader government support for the industry.”