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Holiday Inn owner InterContinental Hotels Group (IHG) has reported slowing growth amid pressure on consumer spending in some markets.

The company saw shares dip after it flagged weakness in the US in the face of American president Donald Trump’s tariff overhaul, but said this was offset by a “strong” performance in Europe and Asia.

Boss Elie Maalouf told shareholders that “near-term macro-economic challenges persist in some markets”.

The company reported that revenue per available room (revpar) grew by 0.1% in the third quarter of 2025, compared with a year earlier.

This was stronger than expected by many analysts but followed growth of 1.8% in the first half of the year.

IHG said revenues in the Americas fell by 0.9%, driven by a quarterly fall of 1.6% in the US.

It is among firms to have been hit by weaker leisure demand in the US amid continued economic uncertainty.

Earlier this week, rival Hilton Worldwide cut its room revenue forecast as it blamed US economic and political uncertainty for softer trading.

IHG said it is still confident however that the US market will return to growth once uncertainty eases.

Elsewhere, the hotel giant said it saw revenues rise by 2.8% in the UK.

Mr Maalouf added: “We are pleased with our performance and the continued growth of our brands to date in 2025, and we remain on track to meet full-year consensus profit and earnings expectations.

“As anticipated, revpar growth in Q3 was similar to the prior quarter, with another strong performance in EMEAA and further improvement in Greater China, though the US continued to see slower trading conditions.

“Overall, we continue to benefit from the power of our globally diverse footprint.”

Shares in IHG dipped 1.3%.