IHG's UK revpar exceeds pre-pandemic levels

20 October 2023 by
IHG's UK revpar exceeds pre-pandemic levels

Holiday Inn and Crowne Plaza operator InterContinental Hotels Group (IHG) reported an 18% boost in UK revenue per available room (revpar) compared to 2019 rates in its third quarter trading update.

It said group revpar increased by 10.5% compared with the same quarter in 2022, while EMEAA (Europe, Middle East, Africa and Asia) witnessed a 15.9% jump over the period.

IHG added 4,800 rooms across 31 hotels to the EMEAA pipeline during the quarter, around 40% of which were conversions.

The group launched mid-scale conversion brand Garner in August this year, which was franchise-ready for the following month.

IHG's luxury and lifestyle brands, which include Hotel Indigo and Kimpton, also performed strongly in EMEAA and accounted for 40% of all new signings, which were up by 16% in the year to date.

Globally, IHG's six luxury and lifestyle brands made up a "growing proportion" of the portfolio, with over 800 open and pipeline hotels.

Elie Maalouf, chief executive officer of IHG Hotels & Resorts, said: "Travel demand remained very healthy during the quarter, and I would like to thank all our teams for supporting another strong trading period.

"Looking further ahead, whilst there are macro-economic uncertainties and some short-term financing challenges holding back new hotel development, I am excited about the future for IHG and the attractive, long-term demand drivers for our markets."

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