InterContinental Hotels Group PLC (IHG) saw a 61% increase in revenue per available room (RevPAR) in the first quarter, boosted by “sequentially improved” trading in the Americas and Europe, Middle East, Africa and Asia (EMEAA) markets.
RevPAR was still slightly below 2019 levels, the last pre-pandemic year of trading, by 18%. However, the average daily rate was in line with three years ago, and up 27% on last year.
A tough January, with Covid restrictions remaining in some areas, hampered performance in the Americas and EMEAA, with Greater China being impacted by the same issues in March, the company said in a statement.
"We've seen very positive trading conditions in the first quarter with travel demand continuing to increase in almost all of our key markets around the world,” said chief executive Keith Barr.
“The high level of demand we have seen for leisure travel continues to drive increased rates and occupancy,” he added.
In the first quarter, IHG signed up roughly 16,600 rooms in 120 hotels, taking the global pipeling to 278,000 rooms.
Barr added that the group's focus is on “strengthening and expanding our brand portfolio” to drive growth.
IHG also said it entered into a new US$1.35bn syndicated bank revolving credit facility in April, cancelling the previous US$1.275bn credit and US$75mln bilateral facility.
Additionally, the company said non-executive director Ian Dyson will be retiring from the board on 28 February 2023.
Byron Gate will be joining the board as a non-executive director from 1 July 2022, and will succeed Dyson as chair of the audit committee upon his retirement.