InterContinental Hotels Group will look to the Chinese market as way of rebounding following a first quarter showing a significant decline in global revenue as a result of COVID-19.

According to figures released by IHG, occupancy levels dropped to historic lows in March and April as social distancing measures and travel restrictions came into effect around the world.

The data indicates that Global RevPAR in the first quarter declined by 25 per cent, including a 55 percent decline in March, with April expected to show an 80 per cent fall.

IHG Quarterly Results - At a glance: 

• Group Q1 comparable RevPAR down 24.9 per cent; March down 55 per cent; April expected to be down around 80 per cent.
• 4.6 per cent year-on-year net system size growth to 882,000 rooms.
• Six thousand rooms opened, including 1000 in March

But IHG Keith Barr said while there were further disruptions expected in the months ahead, the company was still finding opportunities to build its brands.

"We are though still seeing hotel openings including the Regent Shanghai Pudong later this month, and great signings such as the InterContinental in Rome.

"Progress also continues around the world to build upon the launches of our avid, voco and Atwell Suites brands.

"IHG’s response to Covid-19 is centred on remaining true to our purpose and values, and we are taking all necessary actions to manage through the uncertainties and challenges facing our industry.

"Our strategy is unchanged, and we will look to continue building on the resilience of our business model relative to the industry.”

IHG opened more than 6000 hotel rooms in the first quarter of 2020, including 1000 in March alone, while also signing a further 14,000 (104 hotels)

Last month the company reported it had access to $1.35 billion of cash on deposit which, together with the $660m undrawn in bank facilities, took its total available liquidity to  circa $2 billion.

Mr Barr said IHG Building aimed to build on its conservative balance sheet approach moving forward.

"We are delivering on our plans to reduce costs, preserve cash and strengthen our liquidity," he said.

"We remain focused on managing the business appropriately through this unique period while also positioning IHG to emerge strongly when our markets recover."

Click here to view IHG's full trading update announcement.

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