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FINANCIAL NEWS
Bahrain, Egypt unrest cost Intercontinental Hotels USD4m
11 Aug 2011
(MENAFN) UK-based Intercontinental Hotels Group said that the recent events and unrest in Bahrain and Egypt had cost its Middle East hotels operation about USD4 million in the second quarter of the current year, reported Arabian Business.
The company also said that its revenue per available room in Europe, the Middle East and Africa had increased 4 percent, but would have been better had it not been for problems in Bahrain and Egypt.
The company added that Excluding Egypt with 10 hotels and Bahrain with 2 hotels where the political unrest resulted in significant declines, revenue per available room would have risen 5.3 percent.
Intercontinental Hotels Group said that in other Middle East markets, Saudi Arabia saw the biggest revenue per available room growth of 10.2 percent while its hotels in the UAE saw an increase of 3.4 percent.
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