InterContinental Hotels Group on Tuesday reported a 25% drop in third-quarter profit.
The hotel giant -- whose brands include Holiday Inn, InterContinental and Crowne Plaza -- posted a net profit of $68 million, compared with $91 million a year earlier. Revenue fell 19 percent, to $401 million.
"The trading environment remains challenging," said IHG CEO Andrew Cosslett. "We see signs of occupancy stabilizing, but rates are still under considerable pressure across the board."
Revenue per available room (RevPAR) was down 15.2% for the quarter. In the Americas, RevPAR fell 15.5%, with a 15.9% drop in the U.S.
In the Europe/Middle East/Africa and Asia Pacific regions, RevPAR was down 15.2% and 13.4%, respectively.