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"We can't see any sign of recovery and it could be two years before we get back to levels of travel we were at before," Chief Executive Andrew Cosslett told a results briefing on Tuesday.
"This is one of the toughest years on record with little respite and it will continue to be challenging this year and into next," Cosslett said.
"InterContinental says that occupancy has shown signs of stabilization but room rates continue to decline in a very competitive market," said analyst Ian Rennardson at house broker Bank of America/Merrill Lynch.