IHG Hotels & Resorts Reports Q3 Trading Update to 30 September 2024
- EDITOR
- Oct 23, 2024
- 2 min read
Elie Maalouf, Chief Executive Officer, IHG Hotels & Resorts, said:
“We are pleased with the latest trading performance and another strong period of development activity, and we are on track to finish 2024 in line with market expectations. RevPAR grew +1.5% in the third quarter of 2024, reflecting the strength of our globally diverse footprint, healthy business demand and a record period for Groups bookings. Our EMEAA region again performed strongly, up +4.9%, and the Americas increased by +1.7%, driven by continued growth in the US. In Greater China, RevPAR was down -10.3% as we came up against strong comparatives of resurgent domestic travel this time last year, and the quarter was still broadly in line with 2019 levels.
Our development performance was particularly notable. We opened 17.5k rooms across 98 hotels, well over double the same period last year, which was in part due to the next 6.2k rooms of the NOVUM Hospitality agreement joining IHG’s system. A strong signings performance of 19.2k rooms across 129 properties was +14% more than 2023 and led to a +12% year-on-year increase in our pipeline. ‘Quicker to market’ conversions represented over 50% of openings and 40% of Q3 signings, a clear reflection of the strength and appeal of our brands and wider enterprise to owners, and we’ve also seen the advance in new-build signings over the course of the year as developer confidence continued to improve. In fact, in Greater China, reflecting the attractive long term demand drivers, our excellent development momentum should lead to 2024 being one of the biggest ever years for both hotel openings and signings in this region.
We have made great progress this year to further strengthen IHG’s enterprise platform, grow our brands and deliver on our growth algorithm. The power of this algorithm comes from the compounding nature of growing fee revenues through the combination of RevPAR, system expansion and ancillary fee streams, which in turn helps to increase margins and, with our strong cash generation, allows us to reinvest in our business and return surplus capital to shareholders. We remain confident in our abilities to capitalise further on our scale, leading positions and the attractive, long-term demand drivers for our markets.”
....Link directly to source: IHG Hotels & Resorts Reports Q3 Trading Update to 30 September 2024
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