IHG Hotels & Resorts saw its average daily rate rise by 2 percent in the first half of 2024 compared to the same period of last year, while revenue per available room went up by 3 percent year-on-year.
The company saw a 4 percent rise in revenue to $2.3 billion during the first half, while operating profit fell by 10 percent to $525 million—down from $584 million the first half of 2023.
"RevPAR growth accelerated in the latest quarter, reflecting a strong US rebound in Q2 and the breadth of our global footprint, and development activity continues to increase," CEO Elie Maalouf said in a statement. "Together with system growth, notable margin expansion and the benefit of returning surplus capital through buybacks, adjusted EPS growth was +12 percent."
IHG reports gross system growth of 4.9 percent year-over-year with net system growth of 3.2 percent YOY. The company opened 126 hotels in the first half of the year and signed 384 hotels during the same period.
"We celebrated 126 hotel openings in the half and the signing of a record-breaking 384 properties, equivalent to more than two a day," Maalouf said. "These included the first six openings and 118 signings from the NOVUM Hospitality agreement, which doubles our presence in the important and attractive German market. After growth of +7 percent in Q1, a very busy Q2 saw +23 percent more signings year‑on‑year or a more than doubling when including NOVUM, and this keeps us on track for net system size growth expectations."