May 6 Reuters Holiday Inn owner IHG said on Friday that pentup demand and more hotel stays during the U.S. Spring Break lifted occupancy rates and prices, raising its revenue per room closer to prepandemic levels in the first quarter.

As occupancy levels rise and due to the strength of our brands, our hotels are seeing increased pricing power, IHG Chief Executive Keith Barr said in a statement.

IHG  said its RevPAR, or revenue per available room, was up 61 over the same period in 2021, reaching 82 of prepandemic levels in the three months ended March 31, with the Americas, its largest market, leading the recovery.

The Crowne Plaza, Regent and Hualuxe owner said rates for leisure stays rose more than 10 on 2019 levels in the United States, but occupancy was still below prepandemic levels.

Higher vaccination rates and an easing in restrictions have spurred an uptick in leisure and business travel, helping hotel operators rebound, although a potential COVID19 resurgence, geopolitical tensions and rising inflation still pose a risk.

With a costofliving crisis sweeping the globe, the group39;s focus on a midtier value offering should hold it in good stead to capture demand from an increasingly cash strapped consumer, Hargreaves Lansdown analyst Matt Britzman said.

Shares in IHG, which said its Greater China business remained under pressure from restrictions put in place to control rising coronavirus cases, were down 0.8 at 0713 GMT.

U.S. rival Marriott International…