IHG down, hurt by drop in China room revenue growth
** Shares of Holiday Inn owner InterContinental Hotels Group IHG.L down as much as 2.8% at 8,326p - top pct loser on FTSE 100 index .FTSE
** Growth in revenue per available room (RevPAR) - a key performance measure for the hotel industry - was at 1.5% in Q3 helped by steady European summer demand
** Q3 RevPAR down 10.3% in China, hurt by absence of strong recovery IHG had seen in domestic travel in the same period last year
** IHG expects to finish 2024 in line with market expectations which will require an acceleration of RevPAR back to ~3% in Q4 - Bernstein
** Analysts on average expect co to post a RevPAR growth of 2.6% in 2024 - company compiled consensus
** Stock up 18.1% YTD
Reporting by Aatrayee Chatterjee in Bengaluru
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