IHG Hotels & Resorts reported a strong return of business for the third quarter, with group revenue per available room (RevPAR) exceeding pre-pandemic levels, the company announced in a trading update on Friday 21 October.
The hotel group, which includes Crowne Plaza, InterContinental Hotels & Resorts, voco and Holiday Inn among its 17 brands, posted group RevPAR for the quarter at 2.7 per cent above 2019 levels, and a 28 per cent year-over-year increase.
Overall, the average daily rate was up 13 per cent year over year, and 11 per cent higher than 2019 levels despite occupancy being down 6 per cent.
In Europe, the Middle East, Africa & Asia (EMEAA) RevPAR was down just 0.1 per cent on 2019, marking a significant improvement on Q2 (when RevPAR was down 10 per cent on 2019 levels) and Q1 (33 per cent down).
Continental Europe reported RevPAR at 11 per cent above 2019 levels, while the UK saw a 7 per cent increase.
In the US, the group reported 6.2 per cent RevPAR increase compared to 2019, with business travel revenue returning to pre-pandemic levels. Overall, occupancy stood at 71 per cent, down 3 percentage points on 2019, while the average daily rate was up 12 per cent.
IHG Hotels & Resorts CEO Keith Barr said: “Strong trading in the third quarter helped our group-wide RevPAR exceed pre-pandemic levels. Leisure stays saw rooms revenue increase 12 per cent on 2019, while the ongoing return of business and group travel has been building each quarter through the year.”
In a statement he said RevPAR performance in the Americas was “well ahead” compared to three years ago and the EMEAA region was “back to broadly flat on 2019 levels”.
Barr added that global employment levels “remain high” as the group remains focused on “long-term, sustainable growth”.
During the quarter, the group opened 51 hotels and added a further 89 properties to the pipeline.