October 20, 2021
Economy

Demand for hotel and office space picks up as economies reopen – business live | Business

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Demand for hotels and office space is picking up as economies reopen from pandemic lockdowns, according to two companies this morning… but worries over the delta variant continue to weigh on markets.

InterContinental Hotels Group (IHG) has reported a significant improvement in demand over the first half of 2021, with revenue per room (RevPAR, a key measure) up 20% on 2020.

IHG, which owns Holiday Inns, is seeing the strongest recovery in China and the US, helping it to make an operating profit of $138m for the six months to June 30th, up from a loss of $233m.

IHG is also seeing a bounceback in business travel as well.

And while Europe is lagged in H1, IHG says business has picked up in recent weeks as the easing of lockdown restrictions sees…

Read full article here: www.theguardian.com