Holiday Inn-owner reorders debt as first-quarter revenue per room sinks 25%

(Reuters) – Holiday Inn-owner InterContinental Hotels said on Monday it had agreed changes to the terms of its borrowing with creditors and made use of UK government supported loans as it predicted a 25% plunge in global revenue per available room in the first quarter.

The company also said it had issued 600 million pounds ($746.76 million) in commercial paper under the UK government’s Covid Corporate Financing Facility scheme and now had total available liquidity of around $2 billion.

(Reporting by Tanishaa Nadkar in Bengaluru; editing by Patrick Graham)