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."
