IHG Hotels & Resorts has launched Noted Collection, its 21st brand focused on conversions in the upscale and upper-upscale segment. In a high-cost-of-capital environment, where new development remains scarce, the brand serves to coax owners to convert existing properties into the IHG network.
IHG said it expects Noted Collection to reach more than 150 hotels worldwide within the next decade. The brand’s roll out will begin in the EMEA region, operating within the company’s premium family of brands alongside Crowne Plaza, voco and Ruby.
“We’re very excited to bring Noted Collection to market, which complements our existing premium brands and builds on the success of Vignette Collection in Luxury & Lifestyle and our fast-growing conversion brands like voco and Garner. There is strong appetite from owners of high-quality, one-of- a-kind hotels ready to join the power of our platforms and expertise, and Noted Collection offers them a distinctive and attractive brand with a gateway to stronger performance,” said CEO Elie Maalouf.
At the same time, the company also reported its full-year 2025 results, delivering double-digit profit growth, record hotel openings and more than $1.1 billion in shareholder returns, as the global hotel group continued to expand its system despite uneven trading conditions in key markets.
Operating profit from reportable segments rose 13% year over year to $1.265 billion, while adjusted earnings per share increased 16% to 501.3 cents. Fee margin expanded 3.6 percentage points to 64.8%, reflecting operating leverage and growth in ancillary fee streams.
RevPAR growth led by EMEAA
RevPAR increased 1.5% in 2025, driven primarily by strength in EMEAA, where RevPAR climbed 4.6%. The Americas posted modest growth of 0.3%, while Greater China declined 1.6% for the year, though trends improved in the fourth quarter. Average daily rate rose 0.8% globally and occupancy increased 0.5 percentage points.
In the U.S., RevPAR declined 0.1% amid softer international inbound demand and reduced government and corporate travel in the second half of the year. Outside the U.S., RevPAR grew 4%, with gains across Canada, Mexico and Latin America and the Caribbean.
By segment, business travel rooms revenue increased 2% YOY, group revenue rose 1%, and leisure demand was broadly flat, indicating continued normalization across stay occasions.
Record openings and pipeline growth
IHG ended the year with 1.026 million rooms across 6,963 hotels worldwide. The company opened a record 443 hotels in 2025, adding 65,078 rooms, up 10% year over year. Net system growth was 4.7% excluding the removal of rooms previously affiliated with The Venetian Resort Las Vegas.
The development pipeline reached 340,526 rooms across 2,292 hotels, up 4% year over year and equivalent to 33% of the existing system. IHG signed 102,054 rooms (694 hotels) during the year, with conversions representing 52% of openings and 40% of signings. Greater China and EMEAA led system expansion, with adjusted net growth of 8.7% and 7.9%, respectively.
Maalouf said the company delivered “excellent financial performance” despite turbulent trading conditions and highlighted continued brand expansion, technology investment and owner returns as key drivers of growth.
“Thanks to the hard work of our teams we delivered excellent financial performance in 2025 and in the face of some turbulent trading conditions. Supported by attractive long-term industry demand drivers and our proven ability to capitalize on our scale and diverse fee streams across segments and geographies, we enter 2026 with confidence,” added Maalouf.
