The owner of the Crowne Plaza, Regent and Hualuxe hotel chains flagged economic uncertainties ahead and said that short- term financing challenges were holding back development of new hotels. The group recorded growth across its leisure, business travel and group travel segments, CEO Elie Maalouf said in a statement. While business travel revenue was already ahead of 2019 levels in the third quarter, group and meetings revenue was still below, finance chief Michael Glover told reporters. The hotel industry has benefited from a boom in leisure travel demand after the pandemic, as people splurge their savings on vacations despite rising costs of living. Reporting by Yadarisa Shabong in Bengaluru; Editing by Subhranshu Sahu and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

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Persons: Matthew Childs, Bernstein, Richard Clarke, Elie Maalouf, IHG, Michael Glover, Glover, Yadarisa, Subhranshu Sahu, Tomasz Janowski Organizations: O2, REUTERS, Crowne Plaza, Regent, Thomson Locations: London, Britain, China, Israel, Tel Aviv, Bengaluru