According to the latest news from InterContinental Hotels Group (IHG): 97% of its 470 hotels in China have now reopened, and only 12 are still closed. At present, the occupancy rate of operating hotels is at a low level of about 20%, and global bookings are steadily improving.
In Europe, the Middle East, Asia and Africa, about half of the hotels are now closed. In the United States, about 10% of hotels are still closed. In the first quarter, InterContinental Worldwide Revenue Per Available Room (RevPAR) fell by about 25%, of which it fell by 55% in March.
On the 28th, Intercontinental Group announced that it had revised its syndicated revolving credit arrangement and abandoned the existing contract until December 31, 2021. The amendment introduces a minimum liquidity contract of US $ 400 million, which is tested in half a year and throughout the year until June 30, 2021.
According to the foreign media HotelNews Resource: Intercontinental Group has now obtained new financing. It has issued 600 million pounds of commercial paper using Bank of England loans. The Bank of England has confirmed that Intercontinental Group is a qualified issuer of the British government's CCFF.
At present, the total available inter-continental liquidity has reached approximately US $ 2 billion. In addition to the cash deposits of US $ 1.35 billion, there are still US $ 660 million of bank loans undrawn. The intercontinental party announced that it will update the latest transaction situation in the first quarter of 2020 on May 7 and provide more comprehensive information.
