Highlights
- Q1 international RevPAR +2.6% YOY, with Americas -0.3%, EMEAA +8.9% and Greater China +2.5%
- Average day by day charge +2.3%, occupancy +0.2percentpts
- Gross system measurement progress +5.0% YOY, +0.7% YTD; opened 6.3k rooms (46 resorts) in Q1, +11.1% extra YOY adjusting for Iberostar
- Net system measurement progress +3.4% YOY, +0.0% YTD; adjusting for Iberostar +3.2% YOY, +0.0% YTD
- Global system of 946k rooms (6,368 resorts); 66% throughout midscale segments, 34% throughout upscale and luxurious
- Signed 17.7k rooms (129 resorts) in Q1, +7.1% YOY; international pipeline of 305k rooms (2,079 resorts), +6.6% YOY
- $239m of 2024’s $800m share buyback programme accomplished so far, lowering share rely by 1.4%
- Agreement in Germany with NOVUM Hospitality signed in April, including as much as 17.7k rooms (119 resorts) or +1.9% to international system progress
- Changes to System Fund preparations, bettering proprietor economics and rising IHG’s ancillary charge streams
Global RevPAR within the first quarter of 2024 continued to develop, up +2.6%, reflecting the power of our globally various footprint. There was a powerful efficiency in EMEAA which was up practically +9%. The Americas, having already recovered very strongly, was broadly flat attributable to some hostile calendar timing, and Greater China grew by +2.5% and can proceed to profit from returning worldwide inbound journey this yr. Global occupancy moved as much as 62% and common day by day charge elevated by an extra +2% as pricing remained strong, reflecting the whole return of leisure, enterprise, and group journey.
We opened greater than 6,200 rooms throughout 46 resorts within the quarter, and signed practically 18,000 rooms throughout 129 properties to extend our pipeline +6.6% year-on-year. Compared to the identical quarter final yr, room openings rose +11% adjusting for Iberostar, and signings grew +7%. ‘Quicker to market’ conversions generated over 35% of openings and signings within the quarter, reflecting the attractiveness of our manufacturers and enterprise platform. In April, we had been delighted to announce an settlement with NOVUM Hospitality that may double IHG’s presence in Germany via much more conversions and strengthen our place in a precedence marketplace for home, inbound and outbound journey. The deal provides as much as 119 resorts (17,700 rooms) or +1.9% to our international system over the approaching years. This additional validates the attraction to lodge house owners of becoming a member of IHG’s enterprise, and boosts confidence for our web system progress outlook.
In our separate announcement in the present day, modifications to our System Fund preparations will enhance economics for our house owners and the continued progress in ancillary charge streams will ship worth via our progress algorithm, in keeping with our strategic priorities. The mixed energy of our platform and effectivity of our working mannequin will proceed to drive IHG ahead. We are excited concerning the future and our capacity to capitalise additional on our strengths, scale and main positions, and on the enticing, long-term demand drivers for our markets. Elie Maalouf, Chief Executive Officer, IHG Hotels & Resorts
PDF 215KB Download the total announcement of our Q1 2024 Trading Update.
About IHG®
IHG Hotels & Resorts [LON:IHG, NYSE:IHG (ADRs)] is a world hospitality firm, with a objective to supply True Hospitality for Good.
With a household of 17 lodge manufacturers and IHG Rewards, one of many world’s largest lodge loyalty programmes, IHG has over 6,000 open resorts in additional than 100 nations, and an extra 1,800 within the improvement pipeline.
- Luxury & Lifestyle: Six Senses Hotels Resorts Spas, Regent Hotels & Resorts, InterContinental Hotels & Resorts, Vignette Collection, Kimpton Hotels & Restaurants, Hotel Indigo
- Premium: voco Hotels, HUALUXE Hotels & Resorts, Crowne Plaza Hotels & Resorts, EVEN Hotels
- Essentials: Holiday Inn Hotels & Resorts, Holiday Inn Express, avid resorts
- Suites: Atwell Suites, Staybridge Suites, Holiday Inn Club Vacations, Candlewood Suites
InterContinental Hotels Group PLC is the Group’s holding firm and is integrated and registered in England and Wales. Approximately 350,000 individuals work throughout IHG’s resorts and company workplaces globally.
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