Holiday Inn owners Inter-Continental hotels, the world’s largest hotelier, warned a slump in fourth-quarter bookings had continued into 2009 with “no sign of improvement” on the horizon. The UK-based hotels firm said that worldwide revenues per available room (revpar) was down by 12.2 per cent in January. The decline was led by cutbacks in business travel and a steep fall in demand in the Asia-Pacific region. Inter-Continental have recently embarked on a $1bn refurbishment programme for their Holiday Inn brand. 21 UK establishments have been improved under the programme, as the group look to build on custom in the growing mid-market.
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