InterContinental Hotels Group Plc reported an increase in revenue per available room (RevPAR) and hotel occupancy in the first quarter of 2024.
According to InterContinental’s press release, the company’s revenue per room increased by 2.6% year-on-year from January to March.
In North and South America, the indicator decreased by 0.3% year-on-year, while in China, it grew by 2.5%, and in other countries, it increased by 8.9%.
Average room rates in the last quarter increased by 2.3%, and hotel occupancy rates rose by 0.2 percentage points.
During the past quarter, the company opened 46 new hotels with 6,300 rooms. InterContinental now operates 6,368 hotels in over 100 countries worldwide, with a total of 946,000 rooms. The company owns brands such as Holiday Inn, Regent, and Crowne Plaza.
In the first quarter, the company repurchased its own shares worth $239 million out of the announced $800 million, reducing the outstanding shares by 1.4%.
InterContinental’s shares are currently down by 0.7%. Since the beginning of the year, the company’s market capitalization has increased by 10.5% to £12.8 billion ($16.06 billion).
