IHG Doubles Hotel Openings Pace, But Revenue Growth Softens
22.10.2024 - 15:47
/ skift.com
/ Sean Oneill
InterContinental Hotels Group (IHG) saw strong momentum in its expansion efforts in the third quarter. The hotel group added 17,500 rooms across 98 hotels, more than doubling its growth pace from the same period last year.
“We’re headed toward one of our biggest years ever in terms of both hotel openings and signings,” said Michael Glover, chief financial officer, in a call with analysts Tuesday.
IHG’s development growth was the highlight of an otherwise mostly uneventful financial update from the owner of Holiday Inn, Crowne Plaza, and 17 other brands. Executives said they broadly saw a continuation of positive performance trends.
“We’re very pleased with the progress we’re making,” said IHG CEO Elie Maalouf.
The global hotel giant reported modest growth in a key revenue metric in the third quarter, with stark regional differences. IHG only saw 1.5% growth in revenue per available room worldwide in the quarter as it weathered headwinds from a weak economy in China and turmoil in the Middle East.
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