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Holiday Inn owner says business worst it has ever seen

LONDON, March 20 (Reuters) - Holiday Inn owner IHG said on Friday demand for hotels was currently at the lowest levels it had ever seen, announcing a series of measures to cut costs and ride out the worldwide shutdowns and travel restrictions caused by the coronavirus.

The hotel group, named after its Intercontinental chain, said it was withdrawing its final dividend and deferring any further decisions on payouts for now, while also cutting capital spending by around $100 million.

It has $1.2 billion in undrawn cash available under a revolving credit facility if need be, it added. (Reporting by Yadarisa Shabong; editing by Patrick Graham)