With March room rates in the U.S. for leisure up by more than 10% over 2019 levels and overall rates in the U.S. up 4% over 2019 levels, IHG Hotels & Resorts joins the other major brand players reporting optimistic results for 1Q22.
In its 1Q earnings report, IHG said group RevPAR was up 61% versus 2021 and attained 82% of 2019 levels.
Average daily rate was up 27% versus 2021 and in line with 2019, IHG reported.
Americas and EMEAA saw sequentially improved trading in February and March after a challenging January.
Similar to other global players, Greater China trading in March for IHG was impacted by tightening of localized travel restrictions.
Gross system size growth for IHG was +4.9% YOY, +0.7% YTD. IHG opened 6,600 rooms (45 hotels) in Q1, broadly similar to 2021.
IHG’s net system size growth was +3.4% YOY in 1Q (adjusted for Holiday Inn and Crowne Plaza removals in 2021) and is up 0.5% YTD.
IHG reported that it signed 16,600 rooms (120 hotels) in 1Q1, about 15% more than 2021 and 2020. The global pipeline for IHG increased to 278,000 rooms.
IHG CEO Keith Barr said of the 120 hotels signed, there was a particularly strong performance in the Americas with a near-doubling of signings from 39 to 73. “Luxury and lifestyle brands now account for around 20% of all signings and following the completion of our quality review in 2021 there were 52 signings across the Holiday Inn brand family and 14 for Crowne Plaza, together up 22% on last year,” he said. “Our net system size is expanding, and we are pleased with the progress towards our ambition of delivering an industry-leading level of net rooms growth.”