Register to get 3 free articles
Register to unlock the article and receive our free newsletter. Join 26,000 other hotel leaders and stay in the know.
Want unlimited access? View Plans
Already have an account? Sign in
IHG Hotels and Resorts has revealed that total gross revenues hit $31.6bn (£24.9bn) in the year ended 31 December 2023, spelling a 23% rise on its performance during 2022.
The group’s strong trading was bolstered by a global RevPAR rise of 16.1% year-on-year. Within the EMEA region, IHG saw RevPAR increase by 23.7% during the year, as the average daily rate rose by 5% on the rate charged in 2022.
During 2023, IHG also opened 47,900 rooms across 275 hotels, which means a 17% rise year-on-year. It also signed 79,200 rooms across 556 hotels – a 26% increase year-on-year.
The group currently manages a global estate of 6,363 hotels with 946k rooms.
As a result, net cash from operating activities hit $893m (£704.8m), up from $646m (£509.8m) in 2022. The group also reported an adjusted EBITDA of $1.08bn (£850m), which is a rise of 21% on its 2022 results.
Elie Maalouf, CEO of IHG Hotels and Resorts, said: “I was honoured to take over as IHG’s group CEO in July and would like to thank our teams for delivering an excellent set of results. Alongside strong trading and financial performances, we continued to grow our portfolio and the global footprint of our brands.
“As we look ahead, our evolved strategic priorities and clear plans will further reinforce IHG Hotels and Resorts as the hotel company of choice for guests and owners. The travel industry has attractive, long-term drivers of demand, and the strength of our brand portfolio and enterprise platform will continue to boost our RevPAR and system size growth.”
She added: “We look forward to an important next chapter of growth for IHG that creates long- term sustainable value for our shareholders and benefits our employees, hotel owners and communities.”
