IHG Announces First Quarter Results
InterContinental Hotels Group (IHG) announced the financial results from the first quarter of 2012, showing global RevPar up 7 percent and continued performance in the US and China markets. READER COMMENTS
"We have delivered strong performance in the quarter," said Richard Solomons, chief executive of InterContinental Hotels Group PLC, in an announcement. "The strength of our brands and systems, together with our scale and the close working relationships we have with our hotel owners, continue to underpin our success."
To strengthen its market performance in both the US and China, IHG is focusing on building its preferred brands. In February IHG launched EVEN Hotels as the first mainstream US hotel brand focused on wellness. The company plans to invest up to $150 million over the next 3 years to help establish the brand in key US cities. HUALUXE Hotels and Resorts launched in March in China and interest in the brand among owners is high with over 20 letters of intent signed to date.
The Americas market showed strong growth in franchise royalties. IGH signed 5,097 rooms (43 hotels) in the first quarter and opened 4,244 rooms (33 hotels). Signings included Hotel Indigo hotels in Philadelphia and Wilmington and our six signings outside the US including three Staybridge Suites hotels.
In Europe, the numbers were promising despite a challenging market. The company signed 915 rooms (5 hotels) in the quarter, including an InterContinental hotel in St Petersburg, and opened 968 rooms (8 hotels) including Hotel Indigo hotels in Edinburgh and also in Berlin, the first for the brand in Continental Europe.
Greater China continues to be the company's strongest market with RevPAR growth of 11.9%, including rate growth of 3.3%. 2,716 rooms (9 hotels) were signed in the quarter, including five Crowne Plaza hotels, and 714 rooms (3 hotels) were opened, including Hotel Indigo Xiaman Harbour. In April IHG opened a further 3 hotels (2,232 rooms), including the Holiday Inn Macau Cotai Central (1,224 rooms), the largest Holiday Inn in the world.
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