IHG has realeased its third quarter Interim Management Statement, and it loos rosy. It reported global Q3 comparable RevPAR growth of 7.0 percent. It opened 8,000 rooms and signed 16,000 rooms. It's pipeline now stands at 190,000 rooms with over 45 percent under construction.
Richard Solomons, CEO of InterContinental Hotels Group, said: “We delivered our best quarterly RevPAR performance in over two years with growth in each of our four regions. Performance in the US was particularly strong where RevPAR was up 8.7 percent, demonstrating the excellent momentum in the business and the success of our winning strategy.
"We continue to focus on enhancing our scale position and developing our high quality pipeline, opening 8k rooms in the period, signing 16,000 rooms into the system, and delivering solid net system size growth of 2.7 percent.
"While some of our markets face heightened uncertainty and risks, we continue to see strong momentum in the business and remain encouraged by current trading and positive booking trends.”
In the Americas, RevPAR was up 8.4 percent in the third quarter and 7.5 percent in the first nine months. In the U.S., RevPAR was up 8.7 percent in the third quarter and 7.5 percent in the first nine months, the strongest quarterly U.S. RevPAR growth in 8 years. Q3 RevPAR growth in the U.S. continued to be driven by record levels of demand, with comparable occupancy rates 1.7-percent points above the previous third quarter peak, and 4.5 percent growth in average daily rate.