Exclusive reports from London have brought in news for InterContinental Hotels Group Plc. when it announced 1Q global revenue/room with an increment worth 1.5% – as compared to the same time period, a year prior.
The company has further claimed to have opened approximately 5000 rooms, alongside incrementing net system by 2.7% annual over annual scale to 742,000 rooms.
In accord with claims laid forth by InterContinental Hotels Groups, its rates and occupancy hiked by 1% and 0.3%, on scale.
UPDATE: The companyreports to have signed nearly 15,000 rooms and has a pipeline of 220,000 rooms – with 45% under-construction.
However, the bearish Easter and weaker crude market in 1Q-2016 created negative influence on hotel industry –particularly in European and American *demography. Upon this, the company believes to rebound in the next 2Q.
“We have made a good start to the year, driving RevPAR up 1.5% against the background of weak oil markets and the earlier timing of Easter, which affected several of our markets. Looking ahead, despite economic and political uncertainty in some markets, current trading trends and the momentum behind our brands give us confidence for the rest of the year.” – group chief executive, Richard Solomons
(*In these regions the revenue/room was bullish by 1.9% and 1.4%. However, in Asia, Africa and Middle East, the revenue rate was bearish by 1.1%)
Exclusive data obtained from Irish Examiner cited (for readers’ concern):
In the first three months of the financial year, the FTSE 100 group reported its growth in revenue per available room (RevPAR) – a key gauge of performance in the hotel industry – fell to 1.5%, compared with 2.4% in the previous quarter and with a 4.4% pace for the whole of 2015 (source: International Business Times).
IHG announced in February to be returning nearly $1.5 billion to shareholders through a special dividend on 23 May 2016.