IHG revpar surpasses pre-pandemic levels
IHG Hotels & Resorts, the owner of brands including Holiday Inn and Crowne Plaza, saw its group revenue per available room (revpar) increase 28% year-on-year in the third quarter of 2022.
The global hotel giant said the figures exceeded pre-pandemic levels, marking a 2.7% increase on 2019.
It reported revpar performance in the Americas as "well ahead" compared to three years ago but "broadly flat" in Europe, the Middle East and Africa (EMEAA). Revpar was up 7% in the UK.
Occupancy in EMEAA was 70%, down 9% on 2019 levels, while rate was up 12%.
In China revpar was down 20% on 2019 and occupancy was 55%, reflecting ongoing Covid travel restrictions in the region.
IHG opened 51 hotels during the last quarter and signed a further 89 into its pipeline.
Keith Barr, chief executive officer of IHG, said: "We remain focused on our strategy to develop IHG's portfolio of brands, invest in leading technology and transform our loyalty programme.
"We have also proven the resiliency of our business model and the ability for IHG to respond and adapt to opportunities and to macroeconomic uncertainties. These reinforce the confidence we have in our ability to drive attractive levels of long-term, sustainable growth."
IHG has more than 6,000 open hotels in 100 countries, and 1,800 in the development pipeline.
Photo: TK Kurikawa/Shutterstock
