IHG announced that revenue per available room (RevPAR) increased 10% versus the same period in 2022 and 13% versus 2019, before the pandemic. This represents, according to Elie Maalouf, CEO, the fifth quarter of sequential improvement exceeding pre-pandemic highs.

Greater China continued its “excellent rebound,” said Maalouf, with RevPAR now above 2019, which the Americas achieved in the second quarter of last year and Europe/Middle East/Africa in the fourth quarter of 2022. Groupwide occupancy was 72%, just one percentage point behind 2019, which further confirms, said Maalouf, the near-complete return to pre-Covid levels of demand. In addition to the RevPAR growth in each of the three regions, said Maalouf, “it was also pleasing to see rooms revenue growth for each of leisure, business and group travel.”

IHG opened nearly 8,000 rooms across 50 hotels in the quarter, and added 17,000 rooms to the pipeline across 123 properties. Year to date, signings are up by 16%. Reflecting “the breadth and attractiveness” of the portfolio, said Maalouf, “quicker to market” conversions have increased this year to be over one-third of openings and signings. This will soon be further boosted by a new midscale conversion brand, Garner, which became franchise-ready in September. There was good development progress across all rate categories, said Maalouf, and the six Luxury & Lifestyle brands continue to represent a growing proportion of IHG, with over 800 open and pipeline hotels in that category.