IHG Hotel removes assets to improve profitability.
The COVID-19 (coronavirus) pandemic imposed health and safety concerns and ultimately travel restrictions, digging into IHG Hotel’s profitability. While travel increased as vaccines became available, IHG made the decision to readjust their portfolio by selling three of its owned EVEN hotels in the Americas. These three hotels contributed a $3 million loss in 2021. As travel restrictions have eased, the company has expanded their capital in hotels by signing deals for 18,000 additional rooms in the Americas, and 23,700 globally by the end of 2021. Similar rooms were signed in 2019, showing that there is still growth to be achieved by IHG Hotel’s as the global economy continues to reopen.
COVID|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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