Business
2021 Third Quarter Trading Update
2021 Third Quarter Trading Update.
About this update from Intercontinental Hotels Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8801P\n InterContinental Hotels Group PLC\n 22 October 2021\n \n \n \n \n \n \n \n \n \n \n \n \n \n 22 October 2021\n \n \n \n \n \n InterContinental Hotels Group PLC\n \n \n 2021 Third Quarter Trading Update\n \n \n \n \n \n \n Highlights\n \n \n \n \n \n \n \n \n \n ●\n \n \n \n \n Significant improvement in trading, leading to Q3 group RevPAR (21)% vs 2019 (+66% vs 2020)\n \n \n \n \n \n \n ●\n \n \n \n \n Average daily rate attained in line with 2019 levels; occupancy of ~60% achieved\n \n \n \n \n \n \n ●\n \n \n \n \n Gross system growth of +5.2% YOY; opened 12.3k rooms (79 hotels) in Q3; opened 29.6k YTD, +30% vs 2020\n \n \n \n \n \n \n ●\n \n \n \n \n Review of around 200 Holiday Inn and Crowne Plaza hotels on track; over 90 hotels exited already or with an exit confirmed, and more than 40 committed to improvement plans or scopes of work\n \n \n \n \n \n \n ●\n \n \n \n \n Of 26.5k rooms removed YTD, 17.1k relate to Holiday Inn and Crowne Plaza in Americas and EMEAA\n \n \n \n \n \n \n ●\n \n \n \n \n Net system growth flat YOY (+1.9% excluding the SVC portfolio termination in Q4 2020)\n \n \n \n \n \n \n ●\n \n \n \n \n Global system of 889k rooms (6,031 hotels); 68% across midscale segments, 32% across upscale and luxury\n \n \n \n \n \n \n ●\n \n \n \n \n Signed 12.6k rooms (91 hotels) in Q3; signed 45.2k YTD, +13% vs 2020; global pipeline 270k rooms\n \n \n \n \n \n \n ●\n \n \n \n \n Fee business cost savings of ~$75m vs 2019 on track and sustainable in future years whilst still investing for growth\n \n \n \n \n \n \n ●\n \n \n \n \n Additional temporary cost savings in 2021 of ~$25m\n \n \n \n \n \n \n Keith Barr, Chief Executive Officer, IHG Hotels & Resorts, said:\n \n \n \n \n \n \n \"Trading continued to improve significantly in the third quarter. RevPAR recovered closer towards pre-pandemic levels as more and more guests returned to our hotels around the world. Domestic leisure demand was particularly strong in a number of markets over the summer, where occupancy and rate climbed back to 2019 levels. Discretionary business travel, group bookings and international trips have also shown increasingly encouraging signs, on top of continuing good levels of essential business demand.\n \n \n \n \n \n We continue to grow \n rapidly,...