InterContinental Hotels Group plc (IHG) shares fell the most in more than 10 months Tuesday after the Holiday Inn-owner reported slower-than-expected second quarter revenue thanks in part to a drop in business travel.
InterContinental, which also owns the Crowne Plaza brand, said overall revenue for the three months ending in June rose 2% to $857 million while adjusted earnings per share rose 27% from the same period last year to $1.13. However, the group also said that growth in revenue per available room, or revPAR, a key industry metric, slowed to 1.5% from 2.5% over the same period last year and 2.7% in the first quarter. U.S. revPAR fell 0.4% from last year, the group said, "and was adversely impacted by the timing of Easter."
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