Occupancy levels at InterContinental Hotel Group's open venues are low to mid 20 per cent, according to the Group's latest trading update.

Figures released on Monday show IHG expects to report a global 25 per cent decline in RevPAR in its first quarter results, including a 55 per cent decrease in March.

The trend is in line with the predictions made in the company's March business update, where it announced there would be a substantial reduction in the salaries of board members and executives.

At a glance: 

• IHG will release its first quarter trading update on May 7.
• The company expects to report a global 25 per cent decline in RevPAR, including a 55 per cent decrease in March. 
• According to IHG occupancy rates at its open hotels are at low to mid 20 per cent.

According to IHG, trading in Greater China continues to steadily improve, with only 12 out of 470 hotels now closed, in comparison with 50 per cent in the Europe, Middle East, Africa and Asia

The company also announced it had secured new financing arrangements to "further strengthen its liquidity position".

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The lobby of the InterContinental Adelaide. Source: IHG

This includes amending its syndicated revolving credit facility to include a waiver of existing covenants until 31 December 2021. 

The amendment introduces a minimum liquidity covenant of $400m, tested at half year and full year, up to and including 30 June 2021.

IHG reported it now has access to $1.35 billion of cash on deposit which, together with the $660m undrawn in bank facilities, takes the company's total available liquidity to  circa $2 billion.

IHG will release its full first quarter results on May 7.

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