InterContinental Hotels Group PLC (IHG) has released figures for the Third Quarter Trading 2016, which show Global Q3 comparable RevPAR is up by 1.3%, and up 1.8% Q3 YTD. There were 7k rooms opened in Q3, increasing net system size 3.8% YoY to 754k rooms.
There are 19k rooms signed to be built, which is the highest number for Q3 since 2008. This will be taking the pipeline to 230k rooms.
Richard Solomons, IHG Chief Executive, said, 'We delivered a solid performance in the third quarter, leveraging our global scale to drive 3.8% net system growth and 1.3% RevPAR growth.
'We remain focused on executing our commercial strategy to drive competitive advantage. This includes broadening the footprint of our global portfolio of brands, across which we drove our highest signings for eight years, including our best ever third quarter performance for Greater China.
'Enhancements to IHG Rewards Club, including the roll-out of our preferential member pricing initiative, ‘Your Rate’, continue to drive excellent results. This, together with our initiatives to utilise digital innovation to enhance all stages of the guest journey, means we will continue to generate more customised and informed interactions with our guests and deliver improved returns for owners.'
Solomons concluded, 'Looking ahead, while industry RevPAR growth has slowed, the fundamentals for the sector, and particularly for IHG, remain compelling. This, combined with our winning strategy and the strength of our cash generative business model, will enable us to drive sustainable growth into the future. Despite the uncertain environment in some markets, we remain confident in the outlook for the remainder of the year.”
