SECURITIES
AND EXCHANGE COMMISSION
Washington
DC 20549
FORM 6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 AND 15d-16
OF
THE
SECURITIES EXCHANGE ACT OF 1934
For 30
June 2020
InterContinental Hotels Group PLC
(Registrant's
name)
Broadwater
Park, Denham, Buckinghamshire, UB9 5HJ, United Kingdom
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form
20-F
Form 40-F
Indicate
by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes
No
If
"Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): Not
applicable
EXHIBIT
INDEX
99.1
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Pre-close
update dated 30 June 2020
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Exhibit
No: 99.1
30 June 2020
InterContinental Hotels Group PLC
Pre-close update
InterContinental Hotels Group ("IHG") [LON:IHG, NYSE:IHG (ADRs)]
provides an update on recent trading.
Status of hotel re-opening programme
The pace of hotels reopening has continued to accelerate through
the second quarter, with only 10% of the global estate currently
still closed. In the Americas region, around 5% are closed;
these are predominantly managed luxury and upscale hotels, and
those outside of the US. Good progress has been made across
the EMEAA region as government-mandated hotel closures have eased;
around 30% currently remain closed. In Greater China, just 1%
are closed.
RevPAR performance
We expect to report a comparable RevPAR decline of ~(75)% for Q2
(resulting in ~(52)% for H1), including (82)% in April, (76)% in
May and an estimated (70)% for June. The small but steady
improvements in RevPAR through the second quarter are mostly
attributed to the Americas franchised estate and the Greater China
region. Occupancy levels in comparable open hotels have
improved to over 40% in the US.
The Q2 RevPAR decline for the Americas region is estimated at
(72)%. The US franchised estate, which benefits from a
weighting towards domestic demand-driven mainstream hotels, with a
lower reliance on large group business and higher distribution in
non-urban markets, is estimated to have declined ~(67)% in
Q2. This compares to an estimated ~(87)% decline in Q2 for
the US managed estate, which is weighted to luxury and upper
upscale hotels in urban markets that individually contribute higher
fee revenue than a mainstream franchised hotel.
Other financial updates ahead of the interim results for the period
ending 30 June 2020
Owned, Leased and Managed Lease hotels
There are 17 of IHG's 26 Owned, Leased and Managed Lease hotels
that remain closed, and those that are open are operating at very
low occupancies. As a result of these challenging trading
conditions, we expect to report first half operating losses before
exceptional items in the region of $25m from Owned, Leased and
Managed Lease hotels. A gradual reopening of these hotels is
currently expected through the third quarter, and once open we
expect to experience low occupancies and lower than usual non-room
revenues.
Cost efficiency savings
As confirmed at our Q1 results, we remain on track to reduce Fee
Business costs by $150m from 2019 levels; more than two-thirds of
these savings will be delivered in the second half of the
year.
Liquidity
As at 26 June, IHG continued to have ~$2bn in available
liquidity. We have taken steps to protect cash flow by
reducing costs and capital expenditure, and by proactively managing
our working capital with measures including fee relief and
increased payment flexibility for owners, which has resulted in
continued payments being received through May and June. We
will assess any further need for owner payment flexibility as the
trading environment evolves.
-Ends-
For further information, please contact:
Investor Relations (Stuart
Ford; Matt
Kay; Rakesh Patel)
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+44 (0)1895 512 176
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+44 (0)7527 419 431
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Media Relations (Yasmin Diamond; Mark Debenham)
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+44 (0)1895 512 097
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+44 (0)7527 424 046
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Note 1: Revenue
per available room (RevPAR) growth is on a comparable hotels basis
and at constant exchange rates (CER) unless otherwise
stated.
Note on forward-looking statements
This document may contain projections and forward-looking
statements. The words "believe", "expect", "anticipate",
"intend" and "plan" and similar expressions identify
forward-looking statements. All statements other than
statements of historical facts included in this document,
including, without limitation, those regarding the Company's
financial position, potential business strategy, potential plans
and potential objectives, are forward-looking statements.
Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the
Company's actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such forward-looking statements are based on
numerous assumptions regarding the Company's present and future
business strategies and the environment in which the Company will
operate in the future. Further, certain forward-looking
statements are based upon assumptions of future events which may
not prove to be accurate. The forward-looking statements in
this document speak only as at the date of its publication and the
Company assumes no obligation to update or provide any additional
information in relation to such forward-looking
statements.
The merits or suitability of investing in any securities previously
issued or issued in future by the Company for any investor's
particular situation should be independently determined by such
investor. Any such determination should involve, inter alia,
an assessment of the legal, tax, accounting, regulatory, financial,
credit and other related aspects of the transaction in
question.
Note to Editors
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 ® Hot els & Resorts ,
Holiday Inn Express ® , Holiday Inn Club Vacations ® ,
avid™ hotels , Staybridge Suites ® , Atwell
Suites™ , and
Candlewood Suites ®
.
IHG franchises, leases, manages or owns more than 5,900 hotels and
nearly 88 2 ,000 guest rooms in more than 100 countries, with
almost 2,0 00 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. More than
400,000 people work across IHG's hotels and corporate offices
globally.
Visit ww w.ihg.com
for hotel information and reservations
and www.ihgrewardsclub.com for more on IHG Rewards Club. For our latest news,
visit: www.ihgplc.
com/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
.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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InterContinental Hotels Group PLC
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(Registrant)
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By:
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/s/ F. Cuttell
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Name:
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F.
CUTTELL
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Title:
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ASSISTANT
COMPANY SECRETARY
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Date:
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30 June 2020
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