Today’s news in brief – 22/2/24
IHG Hotels and Resorts reported a remarkable 23% increase in total gross revenues, reaching $31.6bn (£24.9bn) in 2023 compared to 2022. The group’s success was propelled by a global 16.1% rise in RevPAR, with the EMEA region leading with a 23.7% increase. In addition, the company opened 47,900 rooms across 275 hotels and signed agreements for 79,200 rooms across 556 hotels, marking significant growth. With a global estate of 6,363 hotels and 946k rooms, IHG also reported a surge in net cash from operating activities to $893m (£704.8m) and an adjusted EBITDA of $1.08bn (£850m). CEO Elie Maalouf expressed gratitude for the exceptional results and outlined plans for further growth, emphasising the strength of IHG’s brand portfolio and enterprise platform in driving future success.
Formerly known as Holyrood Hotel, the newly rebranded Edinburgh Marriott Hotel Holyrood has undergone a comprehensive £10m refurbishment. The hotel now boasts modern, inviting spaces including a new Greatroom lobby designed for relaxation, work, and dining. Renovations also extended to the spa and fitness centre, offering guests upgraded facilities such as a heated pool and state-of-the-art gym. With 160 renovated guest bedrooms featuring contemporary amenities and personalised comfort systems, the hotel reflects Edinburgh’s vibrant arts scene through locally inspired designs. General manager Michael Falla highlighted the hotel’s enriched experience and commitment to Marriott’s standards, aiming to provide guests with an elevated stay amidst the city’s historical and cultural offerings.
Accor achieved record-high consolidated EBITDA of €1bn (£856m) in FY23, marking a 49% increase. The growth was driven by a strong revenue recovery, with RevPAR up 23% and total revenues increasing by 18% year-on-year. The group’s performance was supported by disciplined cost management and successful business growth across all segments and geographies. Accor returned €676m (£578.9m) to shareholders and expanded its portfolio with the opening of 291 hotels in 2023. Chairman and CEO Sébastien Bazin credited the group’s teams for their commitment and highlighted the efficiency of Accor’s organisation and the desirability of its brands. Looking ahead, Bazin expressed confidence in Accor’s ability to continue its expansion and create value for shareholders and partners in the hospitality industry.
Rutland Hall Hotel introduced the Rutland Pavilion, a new indoor events space with a capacity for 500 seats, ideal for corporate functions and weddings. The Pavilion offers a venue-only hire option, allowing event organisers to bring in their own suppliers or choose from the hotel’s approved list. Built with 100% recyclable materials, including composite panelled walls and insulated roof and floor, the Pavilion reflects the hotel’s commitment to sustainability. Director and general manager Adrian Pickard emphasised the Pavilion’s significance in positioning Rutland as a prominent corporate events destination, expected to contribute to the local economy through hosting various business gatherings and ceremonies.
