IHG Hotels & Resorts shares new data showing sports and entertainment leading the comeback for group travel

Rhea-AI Summary

As travel resumes, IHG Hotels & Resorts reports significant growth in group bookings, particularly in sports and entertainment sectors. Bookings in Q3 more than doubled year-over-year, with youth sports contributing significantly. IHG's hotels are increasingly utilized for film and television productions, allowing for early reopenings. Other sectors, such as medical and automotive, are also seeing notable gains. The company has implemented strict cleanliness and safety measures to regain planner and corporate client confidence.

Positive

• Q3 bookings have more than doubled YoY.
• Youth sports bookings have driven substantial group business.
• IHG's hotels are being used for film productions, leading to early reopenings.
• Notable growth in medical, pharma, and automotive bookings.

Negative

• College and university sports bookings are down this year.

ATLANTA, Oct. 28, 2020 /PRNewswire/ -- As travel resumes, mitigated by robust industry efforts around cleanliness and safety, IHG Hotels & Resorts, which includes brands such as Holiday Inn, InterContinental, Crowne Plaza, Staybridge Suites and Kimpton, is seeing gains in group business with entertainment and sports leading the way. 

• The show must go on – "Film and television productions are looking for responsible ways to keep their projects on track and produce content for 2021 and beyond. Many productions are utilizing our hotels in cities such as Atlanta, Chicago, San Diego and Manchester, England to create 'bubbles' for crews to sequester while filming," stated Derek DeCross, SVP Global Sales, IHG Hotels & Resorts. "Bookings for Q3 alone have more than doubled year-over-year in this vertical. This boost in business allowed at least two IHG Hotels & Resorts properties to reopen sooner than anticipated. It is a testament to the committed efforts of hotels to integrate IHG's signature, enhanced IHG Way of Clean standard into virtual site inspections."
  
  
• Play to win – Sports has seen month-to-month improvement since May and, through August, has accounted for more than a third of all booked group business with larger bookings slated for 2021 and beyond. Strength in youth (17 and under) sports bookings (primarily baseball and hockey) have been driven by IHG's trusted, mainstream brand such as Holiday Inn and Holiday Inn Express. While college and university sports bookings are down this year, the company anticipates a return once tournaments and events resume.

 

 

• More bright spots – In addition to sports and entertainment, IHG Hotels & Resorts has also seen optimism in other sectors. There was a notable gain in medical and pharma related bookings in August and the company also saw the biggest increase in bookings from the automotive industry since January. Bookings in the professional services vertical, particularly legal, saw growth in Q3 and are beginning to rebound after bottoming out in Q2.
  
  
• Meet with Confidence – IHG Hotels & Resorts moved quickly to give planners and corporate clients confidence that meetings and events follow leading cleanliness and safety practices, including clutter-free event spaces configured for social distancing, leveraging outdoor areas where possible and providing tech solutions to support virtual meetings. Learn more here.

About IHG^®

IHG^® (InterContinental Hotels Group) [LON:IHG, NYSE:IHG (ADRs)] is a global organisation with a broad portfolio of hotel brands, including Six Senses Hotels Resorts Spas, Regent Hotels & Resorts, InterContinental^® Hotels & Resorts, Kimpton^® Hotels & Restaurants, Hotel Indigo^®, EVEN^® Hotels, HUALUXE^® Hotels and Resorts, Crowne Plaza^® Hotels & Resorts, voco™, Holiday Inn^® Hotels & Resorts , Holiday Inn Express^®, Holiday Inn Club Vacations^®, avid™ hotels, Staybridge Suites^®, Atwell Suites™, and Candlewood Suites^®.

IHG franchises, leases, manages or owns nearly 6,000 hotels and 890,000 guest rooms in more than 100 countries, with approximately 1,900 hotels in its development pipeline. IHG also manages IHG^® Rewards Club, our global loyalty programme, which has more than 100 million enrolled members.

InterContinental Hotels Group PLC is the Group's holding company and is incorporated in Great Britain and registered in England and Wales. Approximately 400,000 people work across IHG's hotels and corporate offices globally.

Visit www.ihg.com for hotel information and reservations and www.ihgrewardsclub.com for more on IHG Rewards Club. For our latest news, visit: https://www.ihgplc.com/en/news-and-media and follow us on social media at: https://twitter.com/ihgcorporate, www.facebook.com/ihgcorporate and www.linkedin.com/company/intercontinental-hotels-group.

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SOURCE IHG Hotels & Resorts

FAQ

What recent trend has IHG Hotels & Resorts reported in group bookings?

IHG Hotels & Resorts has reported that group bookings have more than doubled year-over-year in Q3.

What sectors are leading the comeback for group travel for IHG?

Sports and entertainment sectors are leading the comeback for group travel.

How has IHG adapted to the needs of film and television productions?

IHG has become a key player for film and television productions by providing hotels to create 'bubbles' for crews.

What impact have youth sports bookings had on IHG's business?

Youth sports bookings have accounted for more than a third of all booked group business for IHG.

What are the current challenges for IHG in group bookings?

IHG is currently facing a decline in college and university sports bookings.