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IHG posts revpar growth amid strong third quarter performance

21 October 2014 by
IHG posts revpar growth amid strong third quarter performance

The InterContinental Hotels Group has posted a growth in revpar of 7% across its global portfolio, and the group has also confirmed that its key brands had reached significant growth milestones.

The UK and Germany had performed particularly well, with the UK reporting double-digit revpar (revenue per available room) growth mainly thanks to a strong performance in London.

European revpar was up 6.1% in the third quarter, and 5.3% in the first nine months.

The company hailed a positive year to date, highlighting a net increase in the number of room up by 2.7% (a year-on-year increase, to 697,000 rooms), and confirming that over 45% of its planned 190,000 rooms were already under construction.

The group also hailed the bedroom pipeline as its strongest year-to-date since 2008, thanks to the 16,000 rooms that were signed - taking total signings in the first nine months to 45,000 bedrooms.

It also said that its brands Staybridge Suites and Hotel Indigo has reached their respective key milestones for growth, reaching 200 open hotels and 60 properties respectively.

Overall, the company said: "The financial position of the group remains robust."

Richard Solomons, chief executive of InterContinental Hotels Group, said: "While some of our markets face heightened uncertainty and risks, we continue to see strong momentum in the business and remain encouraged by current trading and positive booking trends."

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