InterContinental Hotel Group, the owner of the Holiday Inn and Crowne Plaza brands, has reopened almost all of its hotels in China despite record low occupancy levels.
The UK-based company said on Monday that 97 per cent of its 470 hotels in China had reopened since the country had begun to ease coronavirus lockdowns and bookings were continuing to “steadily improve”.
In an update ahead of quarterly results due next week, IHG added that it had secured a £600m loan through the UK’s government-backed Covid Corporate Financing Facility, giving it total available liquidity of about £2bn, despite reassuring investors last month that it had “significant headroom” to weather the crisis.
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