Business
2022 First Quarter Trading Update
2022 First Quarter Trading Update.
About this update from Intercontinental Hotels Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5347K\n InterContinental Hotels Group PLC\n 06 May 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n 6 May 2022\n \n \n InterContinental Hotels Group PLC\n \n \n 2022 First 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 Q1 group RevPAR up 61% vs 2021 and attaining 82% of 2019's level\n \n \n \n \n \n \n ●\n \n \n \n \n Average daily rate up 27% vs 2021 and in line with 2019\n \n \n \n \n \n \n ●\n \n \n \n \n Americas and EMEAA saw sequentially improved trading in February and March after a challenging January\n \n \n \n \n \n \n ●\n \n \n \n \n Greater China trading in March impacted by tightening of localised travel restrictions\n \n \n \n \n \n \n ●\n \n \n \n \n Gross system size growth of +4.9% YOY, +0.7% YTD; opened 6.6k rooms (45 hotels) in Q1, broadly similar to 2021\n \n \n \n \n \n \n ●\n \n \n \n \n Net system size growth of +3.4% YOY (adjusted for Holiday Inn and Crowne Plaza removals in 2021), +0.5% YTD\n \n \n \n \n \n \n ●\n \n \n \n \n Global system of 885k rooms (6,028 hotels); 68% across midscale segments, 32% across upscale and luxury\n \n \n \n \n \n \n ●\n \n \n \n \n Signed 16.6k rooms (120 hotels) in Q1, ~15% more than 2021 and 2020; global pipeline increased to 278k rooms\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Keith Barr, Chief Executive Officer, IHG Hotels & Resorts, said:\n \n \n \n \n \n \n \"We've seen very positive trading conditions in the first quarter with travel demand continuing to increase in almost all of our key markets around the world. The high level of demand we have seen for leisure travel continues to drive increased rates and occupancy. We also continue to see a return of business and group travel, further supporting RevPAR improvements in many of our key urban markets. As occupancy levels rise and due to the strength of our brands, our hotels are seeing increased pricing power; in March, our hotels in the US achieved leisure rates up by more than 10% on 2019 levels and rate across the whole of the US business was 4% ahead. Trading in Greater China continues to be impacted by restrictions put in place to control rising Covid cases.\n \n \n \n \n \n Our strategic focus on strengthening and expanding our brand portfolio continues to driv...