IHG, which operates Holiday Inn Express, Intercontinental Hotels and many other brands, will launch another brand later this year “targeted at midscale conversion opportunities,” according to Elie Maalouf, the new CEO, in a second quarter earnings report. He said there is already strong investor appetite, with 100 hotels currently being discussed.
Travel demand is very healthy, with RevPAR improving year on year across all markets and exceeding 2019 pre-pandemic peaks for four consecutive quarters, according to Maalouf. In the Americas and international markets, he said, leisure demand has remained buoyant, and business and group travel have continued to strengthen, while in Greater China, demand has rebounded rapidly.
According to the report, IHG’s results included: $15.2 billion total gross revenue in the second quarter, up 29% versus 2022 and 12% versus 2019; and global RevPAR (revenue per available room) in the second quarter up 17% versus the same period in 2022, and up 9.9% versus the same period in 2019.
The company opened 21,000 rooms (108 hotels) in the first half of 2023, 40% more than in the same period of 2022. It now has 925,000 rooms and 6,227 hotels globally.
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