Despite “tougher comparables” as 2023 progressed, IHG’s revenue per available room (RevPAR) still finished up 8% year on year and 13% over 2019, according to Elie Maalouf, CEO, on an earnings call. Operating profits were just over $1 billion, up 23% over 2022.

Michael Glover, CFO, said IHG’s full-year 2023 revenue increased by 17% to $2.2 billion, and operating profit increased by 23% to $19 million.

In a statement, Maalouf said the company opened 275 hotels in 2023 and signed more than double that number — 556 hotels — into its pipeline. Adjusting for the effect of the Iberostar hotels joining IHG’s system, openings for the fourth quarter grew by 27% year on year, and signings were up by 50%, representing one of the company’s biggest quarters ever for development activity.

The performance of Greater China, said Glover, was “bumpy” in 2022, but in 2023 there was strong improvement and a full recovery in RevPAR, with the year as a whole up 1% versus 2019. Third-quarter RevPAR was particularly strong, up 9% versus 2019.

IHG’s hotel occupancy across the Americas region throughout 2023 was up 1.5%, average daily rate up 4.6%, and RevPAR up 7%.