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IHG Hotels and Resorts has reported a 4% rise in revenues to $2.3bn (£1.8bn) during the first half to 30 June, due to a strong performance in Europe, the Middle East and Africa.
It comes as the group’s RevPAR also rose by 3% during the period due to the sustained strong performance in its hotels across EMEA, where it generated a 7.5% rise on the same period last year.
However, the company’s operating profits – not including franchise payments – fell by 10% to $525m (£413m) from $584m (£459m) in H1 of 2023.
Profits in each segment, which don’t include the money paid by franchise hotels for IHG’s marketing and promotional activities – rose by 12%, beating expectations.
Elie Maalouf, CEO of IHG Hotels and Resorts, said: “With thanks to our teams around the world, we are making great progress on the delivery of our strategic priorities and the clear framework to drive future value creation that we set out in February.
“We celebrated 126 hotel openings in the half and the signing of a record-breaking 384 properties, equivalent to more than two a day. These included the first six openings and 118 signings from the NOVUM Hospitality agreement, which doubles our presence in the important and attractive German market.”
He added: “We continue to strengthen our enterprise to position IHG as first choice for guests and owners, further improving and growing our brands, driving loyalty contribution, rolling out new hotel technology and increasing our ancillary fee streams.”
