InterContinental, Wyndham Report 2009 Financial Results

More hotel reports reflect the economic challenges faced in 2009. InterContinental Hotels Group earned $1.5 billion in revenue for 2009, a 19 percent drop compared with 2008; operating profit was down by 34 percent, to $363 million. Global revenue per available room outperformed the market average by half a percentage point, declining 14.7 percent for the year. According to IHG chief executive Andrew Cosslett, the fourth quarter of 2009 showed some improvement and occupancy has stabilized. Rate pressures, however, remain and are likely to do so for some time. Wyndham Worldwide Corp., meanwhile, saw 2009 revenues drop 12 percent over 2008, to $3.8 billion, due in large part to decreased RevPAR, according to the company. Systemwide RevPAR for the Wyndham Hotel Group dropped 11.9 percent in the final quarter of 2009.