IHG sees Q1 growth
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InterContinental Hotels Group (IHG) has posted a 3.1% increase in revenue per available room (RevPAR) for its hotels in the first quarter year-on-year.
The hotel chain also saw a 2% rise in the average room rate during the first three months of the year. Around 14,000 rooms were signed in Q1 which will take its pipeline up to 176,000.
Its financial position is said to be “robust” with figures construed by the sale of InterContinental London Park Lane for USD469m. IHG will continue to manage the hotel for 30 years under new owners Constellation Holdings with the right to extend for a further 10 years.
The group is confident for the year ahead, with a new marketing campaign in Europe to launch in Q3 and hotel growth to continue in Russia.
“We have had an encouraging start to our 10th anniversary year, with solid trading performance in the first quarter driven predominantly by growth in rate,” said Richard Solomons, chief executive of IHG. “Our preferred brands and global scale helped deliver good pipeline growth in the quarter, with over 100 hotels signed, led by our Americas and Greater China regions.”
