Another quarter, another step in the right direction for IHG Hotels & Resorts, which is “very close” (or 10.5 percent) to global pre-pandemic RevPAR — or revenue per available room, a key industry metric.
But recovery in demand and pricing across its hotels in the Americas has led to group profit more than doubling versus 2021, with profitability now ahead of 2019 for that region, said CEO Keith Barr in a statement Tuesday, as it posted its interim 2022 first-half results.
For its second quarter, Americas RevPAR was up 3.5 percent on the 2019 second quarter.
Europe, the Middle East and Africa saw an “excellent improvement in performance” but Greater China had a “tough period” due to Covid-related travel restrictions.
“We have since seen a strong recovery in the most recent months, although risk of further volatility in trading in the region still remains,” Barr said.
IHG, which now operates 6,028 hotels, reported group revenue of $1.794 billion for the six months ended June 2022, which is a 52 percent increase on the $1.179 billion in the 2021 first-half.
Operating profit soared from $138 million in the second half of 2021 to $361 million in this year’s second half, an upswing of 162 percent.
That’s up 2.6 per cent on the comparable period in 2019.
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Tags: china, covid-19, hotel earnings, ihg