UK outshines global revpar growth for IHG
UK growth in revenue per available room (revpar) surpassed the global rise of only 0.1% across the portfolio of InterContinental Hotels Group (IHG), according to the company's half-year interim results for 2019.
Comparable revpar for the six-month period in the UK was up 2%, with London hotels reporting an increase of 5% and regional properties at 1%. In the second quarter, UK revpar grew by 2%, with strong international demand driving London revpar and the regional hotels remaining at 1%.
Total gross revenue for IHG worldwide was up 2% to £11.2b.
Keith Barr, chief executive at IHG, said: "Eighteen months ago, we set out a series of strategic initiatives to drive an acceleration in growth to ambitious new levels. Our approach is built around strengthening our established brands, adding new brands in high opportunity segments and optimising our owner proposition.
"In a slower revpar growth environment, we've made significant progress, opening a record number of rooms in the first half which have delivered a 5.7% increase in net system size growth, our best performance in over a decade, with future growth underpinned by our highest level of signings over the same period."
