IHG's First-Quarter Average Daily Rates Now Back to 2019 Levels

IHG Hotels & Resorts’ 2022 first-quarter RevPAR increased 61 percent compared to the 2021 first quarter, and had now reached 82 percent of 2019's level.

Its average daily rate was also up 27 percent versus 2021, and in line with 2019 levels, the company revealed on Friday in a trading update.

Americas and the Europe, Middle East Africa and Australia region saw sequentially improved trading in February and March after a challenging January.

However, it added Greater China trading in March impacted by tightening of localised travel restrictions.

"We've seen very positive trading conditions in the first quarter with travel demand continuing to increase in almost all of our key markets around the world,” said IHG CEO Keith Barr. “The high level of demand we have seen for leisure travel continues to drive increased rates and occupancy. We also continue to see a return of business and group travel, further supporting RevPAR improvements in many of our key urban markets.”

The hotel group also signed 17 thousand rooms into its development pipeline in the first quarter.