IHG Hotels & Resorts sees a return to 2019 levels of business, but not this year, according to executives speaking on an earnings call. In addition, the company does not anticipate a long-term change in structural demand. Paul Edgecliffe-Johnson, CFO and head of group strategy, said he has noticed a rise in corporate demand. While this year will be more leisure-oriented than 2019, said Edgecliffe-Johnson, he doesn’t see “a material change of business versus leisure.” Historically, he said, the company has been 60-40 business/leisure, which might vary slightly this year. “I think we'll have to wait and see,” said Edgecliffe-Johnson, “but I don't see any longer-term changes from that.” Rates and occupancy in 2019, said Edgecliffe-Johnson, were the result of a 10-year industry cycle, and the industry needs a stronger room environment to get back to 2019 rates, “but nothing suggests we will not get back to 2019 rates in due course.”