With 6% in the RevPAR in the first quarter 2014, InterContinental Hotels Group is off to a very good start, driven by North American and British results. The pipeline has grown by 13,000 new rooms.
Richard Solomons, general manager of the InterContinental Hotels Group Plc, is particularly satisfied with the 1st quarter 2014 although the crisis continues in Europe: "We have made an excellent start to the year with our strongest RevPAR performance in seven quarters and our best first quarter for pipeline signings in six years," he summarizes.
He also announces to shareholders an exceptional distribution of $750 million in special dividends resulting from the sale of the InterContinental Mark Hopkins in San Francisco and 80% of the shares of the one in New York.
Quarterly results are driven by the strong recovery of the RevPAR on the American market: +6.6% on the continent, with 6.4% growth in the RevPAR in the United States. In Europe, Great Britain shows double-digit growth in its RevPAR, boosting the average increase on the continent to 6%, slightly below Germany's performance (+5.1% with a good exhibition calendar) and significantly higher than France, which is stuck in the crisis and is affected in IHG's case by ongoing renovation works at the InterContinental Paris Le Grand.
Asia, the Middle East and Greater China are generally behind, with an increase in the RevPAR lower than 4%, and with noteworthy drops in prices in China.
IHG is strengthening its position as first group worldwide in terms of number of branded rooms: 689,000 for 4,704 properties, with net growth in its supply by 1,650 rooms. It announces above all a very strong reinforcement of its pipeline with 13,240 new rooms signed in three months, at the end of March 2014, bringing the pipeline to more than 182,000 rooms, close to half of which are in new constructions. Half are also on the American continent.
He also announces to shareholders an exceptional distribution of $750 million in special dividends resulting from the sale of the InterContinental Mark Hopkins in San Francisco and 80% of the shares of the one in New York.
Quarterly results are driven by the strong recovery of the RevPAR on the American market: +6.6% on the continent, with 6.4% growth in the RevPAR in the United States. In Europe, Great Britain shows double-digit growth in its RevPAR, boosting the average increase on the continent to 6%, slightly below Germany's performance (+5.1% with a good exhibition calendar) and significantly higher than France, which is stuck in the crisis and is affected in IHG's case by ongoing renovation works at the InterContinental Paris Le Grand.
Asia, the Middle East and Greater China are generally behind, with an increase in the RevPAR lower than 4%, and with noteworthy drops in prices in China.
IHG is strengthening its position as first group worldwide in terms of number of branded rooms: 689,000 for 4,704 properties, with net growth in its supply by 1,650 rooms. It announces above all a very strong reinforcement of its pipeline with 13,240 new rooms signed in three months, at the end of March 2014, bringing the pipeline to more than 182,000 rooms, close to half of which are in new constructions. Half are also on the American continent.
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