IHG HOTELS & RESORTS: FIRST QUARTER TRADING UPDATE TO 31 MARCH 2022
Q1 group RevPAR up 61% vs 2021 and attaining 82% of 2019’s level |
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IHG HOTELS & RESORTS: FIRST QUARTER TRADING UPDATE TO 31 MARCH 2022
Q1 group RevPAR up 61% vs 2021 and attaining 82% of 2019’s level |
Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2022-05-09
Highlights
- Q1 group RevPAR up 61% vs 2021 and attaining 82% of 2019’s level
- Average daily rate up 27% vs 2021 and in line with 2019
- Americas and EMEAA saw sequentially improved trading in February and March after a challenging January
- Greater China trading in March impacted by tightening of localised travel restrictions
- Gross system size growth of +4.9% YOY, +0.7% YTD; opened 6.6k rooms (45 hotels) in Q1, broadly similar to 2021
- Net system size growth of +3.4% YOY (adjusted for Holiday Inn and Crowne Plaza removals in 2021), +0.5% YTD
- Global system of 885k rooms (6,028 hotels); 68% across midscale segments, 32% across upscale and luxury
- Signed 16.6k rooms (120 hotels) in Q1, ~15% more than 2021 and 2020; global pipeline increased to 278k rooms
Keith Barr, Chief Executive Officer, IHG Hotels & Resorts, said:
“We’ve seen very positive trading conditions in the first quarter with travel demand continuing to increase in almost all of our key markets around the world. The high level of demand we have seen for leisure travel continues to drive increased rates and occupancy. We also continue to see a return of business and group travel, further supporting RevPAR improvements in many of our key urban markets. As occupancy levels rise and due to the strength of our brands, our hotels are seeing increased pricing power; in March, our hotels in the US achieved leisure rates up by more than 10% on 2019 levels and rate across the whole of the US business was 4% ahead. Trading in Greater China continues to be impacted by restrictions put in place to control rising Covid cases.
Our strategic focus on strengthening and expanding our brand portfolio continues to drive growth. We signed 17 thousand rooms into our development pipeline in the first quarter, 15% more than in 2021. Our pipeline of 278 thousand rooms increased 2.4%. Of the 120 hotels signed, there was a particularly strong performance in the Americas with a near-doubling of signings from 39 to 73. Luxury & Lifestyle brands now account for around 20% of all signings, and following the completion of our quality review in 2021 there were 52 signings across the Holiday Inn brand family and 14 for Crowne Plaza, together up 22% on last year. Our net system size is expanding, and we are pleased with the progress towards our ambition of delivering an industry-leading level of net rooms growth.”
About IHG
IHG Hotels & Resorts [LON:IHG, NYSE:IHG (ADRs)] is a global hospitality company, with a purpose to provide True Hospitality for Good.
With a family of 17 hotel brands and IHG One Rewards, one of the world's largest hotel loyalty programmes, IHG has around 6,000 open hotels in over 100 countries, and more than 1,800 in the development pipeline.
- Luxury & Lifestyle: Six Senses Hotels Resorts Spas, Regent Hotels & Resorts, InterContinental Hotels & Resorts, Vignette Collection, Kimpton Hotels & Restaurants, Hotel Indigo
- Premium: voco hotels, HUALUXE Hotels & Resorts, Crowne Plaza Hotels & Resorts, EVEN Hotels
- Essentials: Holiday Inn Hotels & Resorts, Holiday Inn Express, avid hotels
- Suites: Atwell Suites, Staybridge Suites, Holiday Inn Club Vacations, Candlewood Suites
InterContinental Hotels Group PLC is the Group's holding company and is incorporated and registered in England and Wales. Approximately 325,000 people work across IHG's hotels and corporate offices globally.
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