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IHG has seen its third quarter RevPAR rise by 10.5% compared with the prior year, as travel demand remained “healthy” over the period.
In terms of regions, EMEAA RevPAR was up by 15.9%, Americas up by 4.1%, and Greater China by 43.2%.
Against 2019, RevPAR was up by 12.8%, with a rise of 17.5% in EMEAA, 13.8% in the Americas and 9.3% in Greater China.
It reported that its average daily rate was up by 4.1% against last year, and up by 14.8% against 2019. Occupancy was up 4.1% against 2022 but down by 1.3% against 2019.
Over the quarter, it opened nearly 8,000 rooms across 50 hotels, and added almost 17,000 rooms to its pipeline across 123 properties.
In the year to date, signings are up by 16%, “reflecting the breadth and attractiveness of our portfolio”, while ‘quicker to market’ conversions have increased to be over one-third of openings and signings.
Elie Maalouf, CEO, IHG Hotels and 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. Q3 RevPAR increased 10% versus 2022 and 13% versus 2019, representing the fifth quarter of sequential improvement exceeding pre-pandemic high.
“Pricing remained very robust. As well as year on year RevPAR growth in each of our three regions, it was also pleasing to see rooms revenue growth for each of leisure, business and group travel.”
He added: “As IHG powers forward to provide industry-leading advantages for our guests and hotel owners across our brand portfolio, loyalty programme and entire enterprise platform, we expect to close-out 2023 with very strong financial performance.
“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. As such, we’re confident in the strengths of IHG’s business model, scale and in our strategic priorities to capture sustainable, profitable growth.”
