2019 Third Quarter Trading Update
Highlights |
|
2019 Third Quarter Trading Update
Highlights |
Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2019-10-21
- 4.7% YOY net system size growth to 865k rooms; on track to exceed 5% for full year 2019
- 13k rooms opened, taking the total to 42k rooms YTD
- Signed 25k rooms in the quarter, 73k rooms YTD
- Group Q3 comparable RevPAR1 down 0.8%, flat for Q3 YTD
Keith Barr, Chief Executive Officer, InterContinental Hotels Group PLC, said: “Our continued strategic focus on driving net rooms growth enabled us to deliver a 4.7% increase in net system size despite a strong comparable. This will accelerate in the coming quarter and we are on track to deliver industry leading net system growth over the medium term. Third quarter Group RevPAR was down 0.8%, impacted by tougher trading conditions in the US and China, and ongoing unrest in the Hong Kong SAR.
We have made further progress executing against our strategic initiatives, with the first franchise applications already received for Atwell Suites, our new upper midscale brand which was launched for franchise sales at the end of the quarter. We also strengthened our loyalty offer through an exclusive partnership with world-renowned travel club and boutique hotel specialists, Mr & Mrs Smith. This will more than double our luxury and boutique offering to IHG Rewards Club members in new and iconic locations and enhance the loyalty member value proposition.
Despite the weaker RevPAR environment, and the challenges some of our markets are currently experiencing, we remain confident in our financial outcome for the rest of the year. Our broad geographical spread combined with the resilience of our asset-light, cash generative model, our disciplined approach to cost management and the continued execution against our strategic initiatives, positions us well for the future.”
1RevPAR growth is at constant exchange rates (CER) unless otherwise stated
About IHGIHG (InterContinental Hotels Group) [LON:IHG, NYSE:IHG (ADRs)] is a global organisation with a broad portfolio of hotel brands, including Six Senses Hotels Resorts Spas, Regent Hotels & Resorts, InterContinental Hotels & Resorts, Kimpton Hotels & Restaurants, Hotel Indigo, EVEN Hotels , HUALUXE Hotels and Resorts, Crowne Plaza Hotels & Resorts, voco, Holiday Inn Hotels & Resorts, Holiday Inn Express, Holiday Inn Club Vacations, avid hotels, Staybridge Suites, Atwell Suites and Candlewood Suites.
IHG franchises, leases, manages or owns nearly 5,800 hotels and approximately 865,000 guest rooms in more than 100 countries, with over 1,900 hotels in its development pipeline. IHG also manages IHG Rewards Club, our global loyalty programme, which has more than 100 million enrolled members.
InterContinental Hotels Group PLC is the Group’s holding company and is incorporated in Great Britain and registered in England and Wales. More than 400,000 people work across IHG's hotels and corporate offices globally.
|
|
