InterContinental Hotels Group today posted a 76% slump in average room revenue in May due to coronavirus lockdowns.
This marked a slight improvement from April, as the Holiday Inn-owner accelerates the reopening of its properties.
The UK-based company said comparable Revenue Per Available Room (RevPAR), a key gauge of performance for the hotel industry, is expected to fall 75% for the second quarter overall.
It had reported an 80% slump in RevPAR in April.
However IHG - which operates Crowne Plaza, Regent and Hualuxe chain of hotels - said the pace of reopening has continued to accelerate through the second quarter, with only 10% of the global estate currently still closed.
"The small but steady improvements in RevPAR through the second quarter are mostly attributed to the Americas franchised estate and the Greater China region," IHG said.
Occupancy levels have improved to over 40% in the US, it added.
IHG has said that the coronavirus crisis is the biggest challenge the hotel industry has ever faced, with travel drawing to a near halt amid strict lockdowns to contain the spread of the disease.
It said it had $2 billion in available liquidity as at June 26.
The company's rival and Premier Inn owner Whitbread in May sought £1.01 billion in fresh cash from shareholders to get through the crisis.