IHG remains optimistic despite $524m drop in revenue

InterContinental Hotels Group (IHG) has posted its financial results up to June 30, 2020, giving an insight into how COVID-19 has hit business.

IHG recorded a severe revenue crash in the first half of the year, falling by 52 percent, the group brought in just US$488 million in the first six months of the year. 

Operating Profit for the same period last year was $410 million, equating to an 82 percent drop.

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Accor has re-opened 250 hotels since end-April. To date, 42% of the Accor network is operating

Key Take Away

Accor announces that it has signed an agreement with a consortium of 5 banks for a new €560m Revolving Credit Facility (RCF).

It has been underwritten by the following 5 banks: BNP Paribas, Crédit Agricole CIB, Crédit Industriel et Commercial, Natixis and Société Générale

Accor has re-opened 250 hotels since end-April. To date, 42% of the Accor network is operating.

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