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InterContinental Hotels Group Reports Q1 Trading Results

May 4, 2024
in News
InterContinental Hotels Group Reports Q1 Trading Results
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InterContinental Hotels Group reported its first-quarter trading results, highlighted by global RevPAR gains and significant system-wide growth. Specific highlights include the following:

●  Q1 global RevPAR +2.6 percent YOY, with Americas -0.3 percent, EMEAA +8.9 percent and Greater China +2.5 percent

●  Average daily rate +2.3 percent, occupancy +0.2 percent pts

●  Gross system size growth +5.0 percent YOY, +0.7 percent YTD; opened 6.3k rooms (46 hotels) in Q1, +11.1 percent more YOY adjusting for Iberostar

●  Net system size growth +3.4 percent YOY, +0.0 percent YTD; adjusting for Iberostar +3.2 percent YOY, +0.0 percent YTD

●  Global system of 946k rooms (6,368 hotels); 66 percent across midscale segments, 34 percent across upscale and luxury

●  Signed 17.7k rooms (129 hotels) in Q1, +7.1 percent YOY; global pipeline of 305k rooms (2,079 hotels), +6.6 percent YOY

●  $239m of 2024’s $800m share buyback program completed to date, reducing share count by 1.4 percent

●  Agreement in Germany with NOVUM Hospitality signed in April, adding up to 17.7k rooms (119 hotels) or +1.9 percent to global system growth

●  Changes to System Fund arrangements, improving owner economics and growing IHG’s
ancillary fee streams

Elie Maalouf, Chief Executive Officer, IHG Hotels & Resorts, said: “Global RevPAR in the first quarter of 2024 continued to grow, up +2.6 percent, reflecting the strength of our globally diverse footprint. There was an impressive performance in EMEAA which was up nearly +9 percent. The Americas, having already recovered very strongly, was broadly flat due to some adverse calendar timing, and Greater China grew by +2.5 percent and will continue to benefit from returning international inbound travel this year. Global occupancy moved up to 62 percent and average daily rate increased by a further +2 percent as pricing remained robust, reflecting the complete return of leisure, business, and group travel. We opened more than 6,200 rooms across 46 hotels in the quarter, and signed nearly 18,000 rooms across 129 properties to increase our pipeline +6.6 percent year-on-year. Compared to the same quarter last year, room openings rose +11 percent adjusting for Iberostar, and signings grew +7 percent. ‘Quicker to market’ conversions generated over 35 percent of openings and signings in the quarter, reflecting the attractiveness of our brands and enterprise platform. In April, we were delighted to announce an agreement with NOVUM Hospitality that will double IHG’s presence in Germany through even more conversions and strengthen our position in a priority market for domestic, inbound and outbound travel. The deal adds up to 119 hotels (17,700 rooms) or +1.9 percent to our global system over the coming years. This further validates the attraction to hotel owners of joining IHG’s enterprise, and boosts confidence for our net system growth outlook. In our separate announcement today, changes to our System Fund arrangements will improve economics for our owners and the continued growth in ancillary fee streams will deliver value through our growth algorithm, consistent with our strategic priorities. The combined power of our platform and efficiency of our operating model will continue to drive IHG forward. We are excited about the future and our ability to capitalise further on our strengths, scale and leading positions, and on the attractive, long-term demand drivers for our markets.”

Regional Performance Americas

Q1 RevPAR was down -0.3 percent YOY, with US RevPAR down -1.9 percent and up +11.3 percent in aggregate across Canada, Latin America and the Caribbean. Occupancy was 63.1 percent, down -1.1 percent pts, and rate was up +1.5 percent. Groups demand was strongest, Leisure was also ahead YOY, and Business revenue was slightly lower. The timing of Easter led to lower demand in late March including for business travel, but was followed by higher demand in April, such that trading over the last eight weeks in aggregate has seen US RevPAR ahead of last year. Gross system growth was +2.3 percent YOY and +0.6 percent YTD, with 3.1k rooms (26 hotels) opened in the quarter. Net system size growth was +1.0 percent YOY and +0.0 percent YTD. A further 5.1k rooms (61 hotels) were added to the pipeline, representing a broadly similar signings pace to the same quarter last year. Signings included nine Garner and eight avid hotels, 11 hotels across the Holiday Inn Brand Family, a further 25 across our extended stay brands and five across Luxury & Lifestyle.

EMEAA

Q1 RevPAR was up +8.9 percent YOY, with occupancy up +2.7 percent pts to 66.7 percent and rate up +4.5 percent. By major geographic markets within the region, RevPAR ranged from up +16.9 percent in Japan, +10.2 percent in Australia, +7.4 percent in the Middle East, +6.2 percent in Continental Europe, to +2.4 percent in the UK, reflecting the differing stages of recovery already achieved by this time last year. Gross system growth was +7.2 percent YOY and +0.4 percent YTD, with 1.0k rooms (10 hotels) opened in the quarter. Net system size growth was +5.7 percent YOY (+4.8 percent adjusting for Iberostar) and -0.2 percent YTD. There were 5.4k rooms (28 hotels) added to the pipeline, up from 5.2k in the comparable quarter, with conversions representing around 38 percent of all signings and which included the first three Garner properties in Japan that quickly followed the brand launch across the EMEAA region.

Greater China

Q1 RevPAR was up +2.5 percent YOY, with occupancy up +0.7 percent pts to 53.5 percent and rate up +1.3 percent. Tier 1 cities saw RevPAR up +7.3% percent, reflecting the continued return of international travel. The performance in Tier 2-4 cities was down -2.1 percent, given tougher comparatives from resurgent demand this time last year and expanded outbound travel to South East Asia.

Gross system growth was +10.4 percent YOY and +1.2 percent YTD, with 2.1k rooms (10 hotels) opened in the quarter. Net system size growth was +7.9 percent YOY. A further 7.2k rooms (40 hotels) were added to the pipeline. Development activity continues to gain momentum following the extended period of Covid-related restrictions, with signings up +22 percent YOY.

Share Buyback Progress

At the time of reporting the company’s 2023 full year results on February 20, 2024, IHG announced a new $800m share buyback program to return surplus capital to shareholders in 2024. This follows the $750m program in 2023 and the $500m program announced in 2022 which already reduced the total number of voting rights in the Company by 6.1 percent and 5.0 percent, respectively. The 2024 program is 30 percent complete with $239m (£190m) having been cumulatively spent to date, repurchasing 2.3 million shares. The 2024 program to date has therefore reduced the total number of voting rights in the Company by a further 1.4 percent to 162.9 million as at market close on May 2, 2024.

IHG’s 2024 share buyback program and ordinary dividend payments are expected to return over $1bn to shareholders during the year. This is equivalent to 7 percent of IHG’s $14.9bn (£11.7bn) market capitalization at the start of 2024, and 6.5 percent of IHG’s most recent $16.1bn (£12.8bn) market capitalization.

New Agreement Doubles IHG’s Hotel Presence in Germany

IHG and NOVUM Hospitality announced on April 15, 2024 a long-term agreement under which 108 open hotels (15,334 rooms) and 11 hotels under development (2,369 rooms) are expected to join IHG’s system between 2024 and 2028. Conversion of the open hotels will happen in phases beginning in 2024, with the majority to take place over the next 24 months. This will increase IHG’s global system size by up to 1.9 percent over the coming years. 52 of the hotels will join through a distinctive collaboration between Holiday Inn and ‘the niu’, NOVUM Hospitality’s stylish, flagship upper midscale brand. 56 hotels will convert to Garner and 11 to Candlewood Suites, representing European debuts for these two brands.

Germany is one of Europe’s largest hotel markets, with strong domestic consumption, inbound and outbound travel. In 2022, there were over 450 million overnight stays in Germany, the second highest in Europe, and the country generated the highest number of international outbound travelers globally, around 100 million.

IHG’s growth in Germany will be supported by continued investment in building localized commercial platforms, such as the recent introduction of loyalty partnerships and improved booking systems. IHG expects its increased scale to bring significant benefits to NOVUM Hospitality and other IHG owners, including higher brand awareness, direct bookings and loyalty engagement, to capture both domestic demand and German outbound business. It will also drive the development of IHG’s brands across more locations.

NOVUM Hospitality will adopt IHG brands and systems for this entire portfolio, becoming one of IHG’s largest franchisees globally, with access to IHG’s powerful commercial engine and technology platforms to drive hotel performance, efficient hotel operations and customer experience. The agreement also includes an exclusivity arrangement for future NOVUM Hospitality hotels to join IHG’s leading brands and enterprise system.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : LodgingMagazine – https://lodgingmagazine.com/intercontinental-hotels-group-reports-q1-trading-update/

Tags: hotelsInterContinentalnews
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