Business
2023 First Quarter Trading Update
2023 First Quarter Trading Update.
About this update from Intercontinental Hotels Group Plc
[{"type":"text","content":"\n\n\n \n \n5 May 2023\nInterContinental Hotels Group PLC\n2023 First Quarter Trading Update\n \n\nHighlights\n\n \n\n\n\n\n●\n\n\nQ1 group RevPARa +33% vs 2022, with Americas +18%, EMEAA +64% and Greater China +75%\n\n\n\n\n●\n\n\nQ1 group RevPAR +6.8% vs 2019, with Americas +11.1%, EMEAA +9.7% and Greater China (9.1)%\n\n\n\n\n●\n\n\nAverage daily rate +11% vs 2022, +10% vs 2019; occupancy +10%pts vs 2022, (2)%pts vs 2019\n\n\n\n\n●\n\n\nGross system size growth +5.8% YOY, +0.9% YTD; opened 8.4k rooms (45 hotels) in Q1, ahead of 2022\n\n\n\n\n●\n\n\nNet system size growth +4.2% YOY on an adjustedb basis, +0.4% YTD\n\n\n\n\n●\n\n\nGlobal system of 915k rooms (6,179 hotels); 66% across midscale segments, 34% across upscale and luxury\n\n\n\n\n●\n\n\nSigned 16.5k rooms (108 hotels) in Q1, in-line with 2022; global pipeline of 287k rooms (1,906 hotels), +3.3% YOY\n\n\n\n\n \n\nKeith Barr, Chief Executive Officer, IHG Hotels & Resorts, said:\n\n \n \n\"We've seen a good start to the year, with continued strong trading in both the Americas and EMEAA, and an excellent rebound in demand in Greater China since the lifting of travel restrictions. Leisure demand has remained buoyant, and there has been further return of business and group travel as expected.\n \nThe guest appeal of our brands has continued to support pricing, with rate up 10% versus 2019 and occupancy now almost back to pre-Covid levels. For owners, the strength of our enterprise platform and investments we've made to enhance our portfolio and widen our offer continues to attract demand and drive growth. We signed over 16 thousand rooms across 108 hotels into our development pipeline in the quarter, in line with our performance in 2022. A third of all signings were across our six Luxury & Lifestyle brands, as we accelerate our growth in the segment.\n \nWe opened eight thousand rooms across 45 hotels in the quarter, and while financing challenges for the wider commercial real estate industry are holding back new hotel development and opening activity fully returning to normal, we anticipate improving levels as the year progresses. Meanwhile, conversions increased to be over a third of both openings and signings in the period.\n \nWhilst comparatives to 2022 get tougher from the second quarter onwards and there are...