IHG upbeat about 2023 results after 10.5% rise in quarterly room revenue
(Reuters) — IHG said on Friday it expected to close out 2023 with «very strong» financials as the Holiday Inn-owner reported a rise in quarterly revenue per room on strong summer travel demand and a recovery in China to pre-pandemic levels.
IHG's global revenue per available room — a key performance indicator for the hotel industry — was up 10.5% in the third quarter compared with last year.
It did not provide specific guidance for 2023.
The hotel industry has benefited from a boom in leisure travel demand after the pandemic, as people splurge their savings on vacations despite rising costs of living.
«Looking further ahead, whilst there are macro-economic uncertainties and some short-term financing challenges holding back new hotel development, I am excited about the future for IHG,» CEO Elie Maalouf said in a statement.
The owner of the Crowne Plaza, Regent and Hualuxe hotel chains saw rooms revenue growth for each of leisure, business and group travel, Maalouf said.
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