InterContinental Hotels Group RevPAR climbs 28% from a year ago

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InterContinental Hotels Group PLC said Friday that its revenue per available room increased 28% on year in the third quarter and that it was 2.7% higher than the comparable period in 2019.

The FTSE 100 hotel chain
IHG,
-0.89%

IHG,
-3.51%

said RevPAR performance in the Americas was well ahead compared with 2019 and the EMEAA region was back to broadly flat on 2019. Improvements in Greater China reflected the lifting of some of coronavirus-related travel restrictions, but the potential for further lockdowns there remain, IHG said.

Third-quarter RevPAR was 6.8% higher than 2019 levels in the Americas, 20% below in Greater China, and 0.1% lower in EMEAA–which includes Europe, Middle East, Africa, Asia and Oceania.

The average daily rate for the period was 13% higher than 2021 and 11% higher than 2019.

“Strong trading in the third quarter helped our group-wide RevPAR exceed prepandemic levels. Leisure stays saw rooms revenue increase 12% on 2019, while the ongoing return of business and group travel has been building each quarter through the year,” Chief Executive Keith Barr said.

In a separate announcement also Friday, the company said that Paul Edgecliffe-Johnson will step down as chief financial officer.

Write to Kyle Morris at kyle.morris@dowjones.com



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