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Intercontinental Hotels Group (IHG) has reported a $233m (£177.9m) loss for the first half of the year, but said it has seen some “early signs of improvement”.
The company, that owns brands such as Holiday Inn, Crowne Plaza and Kimpton, revealed that revenue was down 52% to $488m (£372m) compared with $1.01bn (£771m) the previous year.
Global RevPAR also declined by 52% in the first half and was down 75% in the second quarter, when occupancy at comparable hotels fell to 25%.
IHG added that July comparable RevPAR is expected to be -58%; with occupancy levels in comparable open hotels improving to -45%.
It said that at the end of July 317 hotels or 5% of its total estate remains closed made up of 3% of Americas, 16% of EMEAA and <1% of Greater China.
Despite thi, IHG opened more than 90 hotels in the half and strengthened its pipeline with an average of one new signing a day, including almost 100 for its Holiday Inn Brand Family.
Keith Barr, CEO, IHG, said: “The impact of this crisis on our industry cannot be underestimated, but we are seeing some very early signs of improvement as restrictions ease and traveller confidence returns.
“Whilst the near-term outlook remains uncertain and the time period for market recovery is unknown, we are well positioned with preferred brands in the largest markets and segments, a leading loyalty platform and one of the most resilient business models in the industry.
He added: “This gives us confidence in our ability to meet the needs of our guests and owners, and to emerge strongly when markets recover.”
