Intercontinental: REVPAR up 1.5% in Q3 2024
(CercleFinance.com) - Intercontinental has updated its Q3 2024 trading results.
Overall revenue per room was up 1.5%, boosted by a 4.9% increase in its network in Europe Middle East Africa and Asia.
Overall room sales (LFL) saw group demand increase by 6%, business demand by +2% and leisure demand remaining broadly stable compared to the 2023 quarter.
With the opening of 17,500 new rooms (98 hotels) in Q3, the group reported significant net growth in the size of its network of +4.1% y-o-y.
The signing of 19.2k rooms (129 hotels) in Q3 represents +14% y-o-y. The group presents a global pipeline of 327k rooms (2,218 hotels), +12% y-o-y.
A total of $614m out of the $800m 2024 share buyback program has been completed to date, reducing the share count by 3.7%.
The group is on track to return over $1bn to shareholders in 2024 through dividend payments and share buybacks.
We are pleased with the latest sales performance and are on track to finish 2024 in line with market expectations, says Elie Maalouf, CEO of IHG Hotels & Resorts before hailing a 'particularly remarkable' development performance.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
Overall revenue per room was up 1.5%, boosted by a 4.9% increase in its network in Europe Middle East Africa and Asia.
Overall room sales (LFL) saw group demand increase by 6%, business demand by +2% and leisure demand remaining broadly stable compared to the 2023 quarter.
With the opening of 17,500 new rooms (98 hotels) in Q3, the group reported significant net growth in the size of its network of +4.1% y-o-y.
The signing of 19.2k rooms (129 hotels) in Q3 represents +14% y-o-y. The group presents a global pipeline of 327k rooms (2,218 hotels), +12% y-o-y.
A total of $614m out of the $800m 2024 share buyback program has been completed to date, reducing the share count by 3.7%.
The group is on track to return over $1bn to shareholders in 2024 through dividend payments and share buybacks.
We are pleased with the latest sales performance and are on track to finish 2024 in line with market expectations, says Elie Maalouf, CEO of IHG Hotels & Resorts before hailing a 'particularly remarkable' development performance.
Copyright (c) 2024 CercleFinance.com. All rights reserved.