IHG shares take a tumble
Tuesday 29 October 2013
Shares in Intercontinental Hotels (IHG) dropped more than 2 per cent yesterday after it reported a sharper than expected fall in revenue growth in the US during September.
The major culprit was Holiday Inn, which was partly hit by the US government shutdown but also by the fact that some public holidays fell earlier this year than last.
In September Holiday Inn actually saw a fall in revenues per available room of 0.9 per cent.
IHG’s more upmarket brands like Staybridge and Hotel Indigo saw positive growth of 6.9 per cent and 7.6 per cent respectively.
The group’s shares fell 42.5p to 1,822.5p. Getty
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