IHG Hotels & Resorts reported demand improvement during the first quarter, led by hotels in the Americas and Greater China markets.
Demand picked up in March, CEO Keith Barr said in a statement as the numbers were released, and improved further in April.
"While the risk of volatility remains for the balance of the year, there is clear evidence from forward bookings data of further improvement as we look to the months ahead,” Barr said.
Occupancy averaged out at 40 percent for the quarter, although much like other companies, that metric improved month over month.
The overall revenue per available room reflects a 23 percent reduction in occupancy, with rate sustained at approximately 80 percent of 2019 levels. Group RevPAR was down 50.6 percent compared to 2019 and down 33.7 percent versus 2020.