[Update] Pierre & Vacances - Center Parcs, Accor, CapitaLand Ascott Trust, Compagnie des Alpes, Hilton, Hyatt, Wyndham Hotels & Resorts, Marriott International, Meliá Hotels International, Choice Hotels International, IHG Hotels & Resorts and Minor Hotels have reported solid results for the first half of their financial year, demonstrating resilience and strategic growth despite a challenging economic environment.

Accor: steady growth and resilient performance 

Accor has also reported a positive trajectory, with a 9.2% increase in revenue, reaching €1.349 billion in Q1 2025. This strong performance was driven by consistent demand across its broad geographic and brand portfolio, despite global economic volatility. RevPAR  saw a 5% increase compared to the same period in 2024. 

“Accor continues to demonstrate dynamic growth, driven by sustained demand. Our geographically diverse portfolio and leadership in key markets, combined with the strength of our attractive and differentiated brands, allow us to continue growing in a more volatile geopolitical and economic environment.” - Sébastien Bazin, CEO of Accor

The company also saw positive results in the Luxury & Lifestyle division, where RevPAR grew by 8.3%, indicating the resilience of high-end market segments. The group is actively pursuing further expansion, having opened 45 hotels with over 5,900 rooms in Q1 2025, and is confident in maintaining its growth trajectory throughout the year. 

Pierre & Vacances - Center Parcs: resilience amid challenges 

Pierre & Vacances - Center Parcs reported a slight decline of -0.9% in economic revenue for the first half of 2024/2025. Despite this, the group’s overall performance remains strong, with a solid customer satisfaction rate and a robust booking portfolio for the second half of the year. 

“Despite a difficult economic backdrop, the Group posted strong results for the winter season with an increase in customer satisfaction. We had excellent performance at our mountain resorts with a 96% occupancy rate in the second quarter. Family-friendly, local holidays continue to be a safe haven for travelers, and our portfolio reflects this trend. The current booking outlook for the second half of the year reaffirms the Group’s growth trajectory for the full year.” - Franck Gervais, CEO of Pierre & Vacances - Center Parcs

The group’s performance was buoyed by a 0.5% growth in accommodation revenue, with a positive uptick in the hospitality segment. Notably, the brand’s Spanish operations saw strong growth, with a significant 21.8% increase in accommodation revenue, while French operations remained stable despite challenges. 

CapitaLand Ascott Trust: a dynamic first quarter

CapitaLand Ascott Trust (CLAS) achieved a 4% year-on-year increase in gross profit for the first quarter of 2025. This growth was driven by successful portfolio reconstitution and improved operating performance. Despite divestments in 2024, new acquisitions and redeployment of proceeds minimized the income loss. On a same-store basis, gross profit increased by 1%. Key drivers for this growth included the renovation of properties completed in 2024 and stronger demand from properties under management contracts. 

Revenue per available unit (RevPAU) grew significantly in several key regions, particularly in the United Kingdom, the United States, and Japan. CLAS saw solid performance from its student accommodation and long-stay properties, with Japan and Singapore showing positive growth. The Trust’s properties catering to long stays continue to provide stable income, which is crucial in an uncertain macroeconomic environment.

CLAS has continued to expand in key markets. Recent acquisitions, including properties in Japan and Singapore, add diversity to the portfolio, enhancing its geographic and income resilience. The Trust also continues its asset enhancement initiatives (AEIs) to further improve the value of existing properties. Notable projects include the upcoming Somerset Liang Court in Singapore, expected to complete in 2026. 

Despite the macroeconomic uncertainties, CLAS is focused on growth through strategic investments in high-yield properties, asset enhancements, and proactive capital management. The Trust continues to explore opportunities for divestment and reinvestment to optimize returns. With its diversified portfolio and stable income from long-term leases, CLAS is well-positioned for future growth and remains committed to delivering stable distributions to its security holders.

Compagnie des Alpes: strong first half performance

Compagnie des Alpes has reported an 11.6% increase in revenue for the first half of the 2024/2025 fiscal year, reaching €849.5 million. This positive performance is supported by strong growth in the ski resorts and outdoor activities segment, with a notable 5.5% rise in revenue from ski lifts and related services. 

The company also saw a substantial increase in revenue from its leisure parks, which grew by 32.8% year-on-year. This growth was driven by increased visitor numbers and higher spending per visitor during key seasonal periods, including Halloween and Christmas events. 

In addition, the company strengthened its position with the acquisition of Belantis, one of the largest amusement parks in Eastern Germany, marking an important step in expanding its portfolio of leisure assets.

Looking forward, the company remains confident about sustaining growth, with promising prospects for the second half of the year. The company is also making strides in environmental sustainability, with a new night train service planned to connect Paris and Bourg-Saint-Maurice to reduce the carbon footprint of its visitors.

Strong performances reflect resilient business models

The positive results reported by Pierre & Vacances - Center Parcs, Accor, and Compagnie des Alpes underscore the resilience and adaptability of major hospitality players in a volatile global environment. 

Each group is leveraging strategic expansions, brand differentiation, and innovative customer offerings to maintain growth, solidify market positions, and respond to evolving consumer trends. As they continue to invest in new developments and enhance their service offerings, these companies are well-positioned to maintain their growth trajectories in the years ahead.

Hilton reports solid Q1 2025 performance with stable growth outlook

Hilton has released its financial results for the first quarter of 2025, showing consistent performance across key indicators and a steady expansion of its global development pipeline.

Financial performance

For the first quarter ending March 31, 2025, Hilton posted a net income of $300 million, up from $268 million in the same period in 2024. Adjusted EBITDA reached $795 million, a year-on-year increase from $750 million. Diluted earnings per share (EPS) stood at $1.23, and adjusted diluted EPS was reported at $1.72.

System-wide comparable RevPAR increased by 2.5% year-over-year on a currency-neutral basis, supported by both occupancy and average daily rate (ADR) improvements. Management and franchise fee revenues rose by 5.1% compared to the first quarter of 2024.

"We are pleased with our first quarter results, with strong bottom line performance, even with somewhat weaker macroeconomic conditions. Additionally, we expect our industry-leading brands and powerful commercial engines to continue to drive strong net unit growth. Overall, we remain optimistic about our growth opportunities and are well positioned to continue creating value for our stakeholders in 2025 and beyond." - Christopher J. Nassetta, President & CEO of Hilton

Development activity

Hilton continued to expand its global footprint, opening 186 properties representing 20,100 rooms in Q1. This resulted in 14,000 net room additions and a 7.2% net unit growth year-on-year. The group added 32,600 rooms to its development pipeline, which now includes approximately 503,400 rooms across 123 countries and territories. Nearly half of the pipeline is under construction, and more than half of the projects are located outside the U.S.

New entries in Q1 included the debut of Tempo by Hilton in the U.K., as well as openings for Curio Collection and Tapestry Collection in Athens. The brand also opened its first ski resort under the Canopy by Hilton name in Utah. In April, Hilton expanded its luxury portfolio with new Waldorf Astoria properties in Osaka and Costa Rica.

Liquidity and capital return

As of March 31, 2025, Hilton reported $11.2 billion in outstanding debt, with no major maturities until 2027 aside from $500 million in Senior Notes due in May 2025. The company had $807 million in total cash and equivalents, including restricted funds. A $500 million borrowing under the revolving credit facility was planned to repay the May 2025 notes.

During Q1, Hilton returned $927 million to shareholders through share repurchases and dividends. The company bought back 3.7 million shares at an average price of $242.92 per share. Total capital return year-to-date through April amounted to $1.16 billion.

Outlook for 2025

Hilton projects full-year 2025 system-wide comparable RevPAR to be flat or up to 2% higher than in 2024. Net income is forecasted between $1.71 billion and $1.75 billion, while adjusted EBITDA is expected to range from $3.65 billion to $3.71 billion. Full-year net unit growth is estimated between 6.0% and 7.0%. Capital return is projected to reach approximately $3.3 billion.

For Q2 2025, system-wide RevPAR is anticipated to remain stable compared to the prior-year period. Adjusted EBITDA is forecasted between $940 million and $960 million.

 

Hyatt reports Q1 2025 results and updates full-year outlook

Hyatt has published its Q1 2025 financial results, outlining stable revenue growth, continued development activity, and an updated outlook for the remainder of the year.

Hyatt Hotels Corporation announced a 5.7% increase in comparable system-wide RevPAR in the first quarter of 2025 compared to the same period last year. Net rooms grew by 10.5%, reflecting continued portfolio expansion. The company reported a net income of $20 million, with adjusted net income reaching $46 million. Adjusted EBITDA totaled $273 million for the quarter, marking a 5.4% increase year-on-year, or 24.4% when adjusted for assets sold in 2024.

Diluted earnings per share (EPS) stood at $0.19, and adjusted diluted EPS reached $0.46. Gross fees for the quarter increased by 16.9%, reaching $307 million.

Operational drivers

RevPAR growth was supported by both business transient and group travel, particularly in the U.S. The shift of Easter into Q2 this year also impacted year-on-year comparability. Fee income growth was driven by newly opened hotels and international properties, including contributions from Bahia Principe and Standard International.

The owned and leased segment reported an 18% increase in adjusted EBITDA, excluding assets sold in 2024. Margins in this segment rose by 70 basis points compared to Q1 2024. The distribution segment also posted a 10% improvement after excluding the impact of the UVC transaction.

Development and openings

Hyatt opened 11,253 rooms during Q1 2025. Key developments included:

- Launch of the first Hyatt Studios property.
- Addition of The Venetian Resort Las Vegas to Hyatt’s booking channels.
- Openings such as Andaz Doha, Hotel La Compañia del Valle (Unbound Collection), and seven UrCove hotels in Asia.

The company also introduced a new upper-midscale conversion brand, Hyatt Select, targeting cost-efficient conversions for transient guests.

The pipeline of executed management or franchise agreements now includes approximately 138,000 rooms.

“In the face of growing volatility in the economy and financial markets, we continue to deliver strong performance, highlighted by our first quarter results. As we look ahead, recent shifts in booking behavior—particularly in shorter-term demand—have led us to modestly revise our outlook for the remainder of the year. That said, we remain confident in the resilience of our asset-light business model, the strength of our brand portfolio, and our ability to adapt to evolving market conditions. We are excited about the momentum in our pipeline and the continued strong demand we're seeing for our brands around the world.” - CEO Mark S. Hoplamazian

Playa Hotels acquisition progress

Hyatt continues to move forward with the planned acquisition of Playa Hotels. The company extended its tender offer to May 23, 2025, and is finalizing agreements for the sale of Playa’s real estate assets.

To fund the transaction, Hyatt has issued $1 billion in senior notes and secured a $1.7 billion delayed draw term loan facility. The funds are designated for use in the acquisition process.

Balance sheet and liquidity

As of March 31, 2025:

- Total debt stood at $4.3 billion.
- Available liquidity was $3.3 billion, including $1.8 billion in cash and equivalents and $1.5 billion in borrowing capacity.
- The company repurchased approximately 1.1 million shares for $149 million.
- Hyatt repaid $450 million in senior notes due 2025.
- A quarterly dividend of $0.15 per share was declared, payable on June 11, 2025.

Outlook for 2025

Hyatt projects:

- System-wide RevPAR growth of 1% to 3% vs. 2024.
- Net rooms growth of 6% to 7%.
- Net income between $95 million and $150 million.
- Adjusted EBITDA ranging from $1.08 billion to $1.135 billion (up 6% to 12% after adjusting for prior asset sales).
- Adjusted free cash flow between $450 million and $500 million, excluding acquisition-related costs.

 

Wyndham Hotels & Resorts reports Q1 2025 results and updates outlook

Wyndham Hotels & Resorts has published its financial and operational results for the first quarter of 2025, including record development figures and a revised full-year outlook.

Wyndham Hotels & Resorts recorded steady growth in the first quarter of 2025, reporting a 2% global RevPAR increase (constant currency) and 4% system-wide room growth year-on-year. The company opened approximately 15,000 rooms during the quarter, a 13% increase compared to Q1 2024, marking the strongest Q1 for room additions in its history.

Net income reached $61 million for the quarter, up from $16 million in the same period in 2024. Adjusted net income was $67 million, reflecting a 5% year-over-year increase (14% on a comparable basis). Adjusted EBITDA grew 3% to $145 million, or 9% on a comparable basis after excluding marketing fund variability.

“We delivered a solid start to the year with strong system growth, record first-quarter openings and continued expansion across every region. While the macro environment remains uncertain, we’re staying focused on what we can control — investing in high-quality growth, executing with discipline and supporting our franchisees. Our asset-light, franchise-only business model has consistently outperformed during economic downturns and positions us well to deliver long-term value for our shareholders through all phases of any economic cycle.” - Geoff Ballotti, President and CEO

Development and pipeline performance

The global development pipeline increased to approximately 254,000 rooms across 2,140 hotels, a 5% year-on-year growth and a new high for the company. Wyndham awarded 181 new development contracts in Q1, a 6% increase from the previous year.

Key characteristics of the pipeline as of March 31, 2025:

- 5% growth in the U.S., 4% internationally
- 19 consecutive quarters of sequential pipeline growth
- 70% of the pipeline in the midscale and above segments
- 17% of projects focused on the extended-stay segment
- 58% of pipeline located outside the U.S.
- 77% of projects are new construction; 35% have broken ground

The company remains on track to meet its 2025 net room growth guidance of 3.6% to 4.6%.

RevPAR and regional performance

Global RevPAR increased 2% year-on-year in constant currency. The U.S. market posted 2% growth, with performance impacted by hurricane-related displacement and the timing shift of Easter. Excluding these factors, underlying U.S. RevPAR grew approximately 0.6%.

International RevPAR rose 3%, driven by EMEA and Latin America (6% and 25% growth respectively), primarily due to pricing gains. In contrast, RevPAR in China declined by 8% amid pricing pressure, despite stable demand.

Operating results and shareholder returns

Fee-related and other revenues increased by 4% to $316 million. The company attributed growth to higher franchise fees, royalties, and ancillary income.

Adjusted diluted EPS rose 10% year-on-year to $0.86 ($0.78 in Q1 2024). On a comparable basis, excluding an unfavorable marketing fund impact of $0.07, EPS increased by 20%.

Wyndham returned $109 million to shareholders through $76 million in share repurchases and $33 million in dividends during the quarter. The dividend paid was $0.41 per share.

Balance sheet and liquidity

As of March 31, 2025:

- Total liquidity stood at approximately $637 million
- Cash on hand was $48 million
- Free cash flow for the quarter totaled $80 million
- Net debt leverage ratio was 3.5x, in line with the company's target range

Revised 2025 outlook

The company has adjusted its 2025 outlook in light of softer-than-expected demand trends observed in March and April. The updated RevPAR growth guidance ranges from -2% to +1%, compared to the previous forecast of +2% to +3%.

Key 2025 projections:

- Net room growth: 3.6% to 4.6% (unchanged)
- Fee-related and other revenues: $1.45 to $1.49 billion
- Adjusted EBITDA: $730 to $745 million
- Adjusted net income: $358 to $372 million
- Adjusted diluted EPS: $4.57 to $4.74
- Free cash flow conversion rate: ~57%

Marriott reports solid Q1 2025 performance with global room growth and higher RevPAR

Marriott International began 2025 with a strong financial and operational performance, reporting notable growth in RevPAR, net income, and development activity despite macroeconomic uncertainties.

RevPAR performance in Q1 2025

In the first quarter of 2025, Marriott’s global RevPAR rose by 4.1%, driven by a 3.3% increase in the U.S. & Canada and a stronger 5.9% growth in international markets. 

“Despite heightened macro-economic uncertainty, global RevPAR rose over 4 percent, primarily driven by higher ADR, and our development momentum remained positive.” - Anthony Capuano, President and CEO

Room growth and pipeline expansion

Marriott added approximately 12,200 net rooms during the quarter, achieving a 4.6% year-on-year increase in net room count. International expansion was significant, accounting for more than 7,300 of these net rooms. The company’s development pipeline reached 3,808 properties and over 587,000 rooms, representing a 7.4% increase year-over-year. A third of room signings and openings were conversions, and two-thirds of signings were in international markets.

Financial results and earnings

The company reported adjusted net income of $645 million and adjusted diluted EPS of $2.32 for the first quarter, compared to $620 million and $2.13, respectively, in Q1 2024. Adjusted EBITDA reached $1.217 billion, up 7% year-over-year. Reported net income stood at $665 million, marking an 18% increase from the same period in 2024.

Fee revenues and operating costs

Management and franchise fees contributed $1.071 billion, up 7% from the prior year, supported by RevPAR growth and unit additions. Incentive fees declined slightly to $204 million, with the majority sourced from international managed hotels. General and administrative expenses decreased to $245 million due to cost-efficiency initiatives.

Brand portfolio growth and strategic acquisitions

Marriott also made strategic moves in the lifestyle segment, announcing the planned acquisition of citizenM. The brand currently includes 36 operating hotels and three more under development. 

« We are committed to growing our global portfolio and enhancing offerings for our guests, Marriott Bonvoy members and hotel owners. Last week, we announced that we have reached an agreement to acquire the citizenM brand, an innovative lifestyle lodging offering in the select-service segment. We are excited about the global growth prospects for this brand, given the unique and differentiated nature of the offering and our successful track record with other acquired brands like AC Hotels. Our net rooms growth outlook remains strong, and we now expect our full year 2025 net rooms growth to approach 5 percent, assuming the purchase closes before year end. »- Anthony Capuano, President and CEO

Shareholder returns and balance sheet

During Q1 2025, Marriott repurchased 2.8 million shares for $0.8 billion. Year-to-date, over $1.2 billion was returned to shareholders through dividends and buybacks. Total debt at quarter-end was $15.1 billion, with cash and equivalents of $0.5 billion.

Outlook for full-year 2025

The company maintains its outlook for full-year 2025 net rooms growth to approach 5%, assuming the citizenM transaction is completed by year-end. Marriott continues to rely on its asset-light model, loyalty platform, and international expansion to support sustained long-term growth.

Meliá reviews 2024 results and outlines priorities for 2025 at shareholders’ meeting

Meliá Hotels International held its General Shareholders’ Meeting and published Q1 2025 results, providing a detailed update on its financial performance, expansion plans, and strategic focus areas.

Governance and shareholder resolutions

At the General Shareholders’ Meeting held on first call with over 80% quorum, all resolutions were approved by a broad majority. These included the 2024 Annual Accounts, the Non-Financial Information Statement, and the proposed allocation of net profit of €47.2 million to offset past losses. A gross dividend of €0.1436 per share, amounting to €31.6 million, will be distributed on July 9, 2025.

Board appointments were ratified, including the re-election of Carina Szpilka Lázaro and María Mercedes Escarrer Jaume, as well as Cristobal Valdés Guinea. Shareholders also approved a long-term incentive plan (2025–2027) linked partly to share price performance for executives and key employees.

Key strategic priorities (2022–2024)

The Group identified three pillars of strategic strength:

• Product: A refreshed and higher-quality portfolio led to a 14% value increase in owned assets.
• Solvency: Debt reduction improved balance sheet resilience.
• Forward-looking strategy: Focused on premium brands, digitalisation, workforce commitment, and sustainability.

Q1 2025 financial performance

For Q1 2025, Meliá reported consolidated revenue of €444.5 million (+1%) and EBITDA of €91 million. Net profit was €10.5 million, up 93% year-on-year. The Easter holiday, falling in Q2 this year, did not impact these results.

RevPAR grew 6.5%, with performance balanced between occupancy and rate growth. Direct channels accounted for 45.9% of centralized sales. Financial results improved due to lower financing costs, down €9.7 million compared to Q1 2024.

2024 performance and financial indicators

Meliá reported a 10.7% increase in RevPAR, outperforming the sector average. Revenue rose to €2,013 million (+4.4%), excluding capital gains, and EBITDA reached €533.6 million, exceeding the €525 million target. The Group also reduced net financial debt by €391 million through cash flow generation and asset rotation.

The EBITDA margin returned to pre-pandemic levels (26.5%), and centralized sales through melia.com and MeliaPro.com accounted for 50% of the total, growing 19% and 21% respectively. Net Promoter Score improved by six points, reaching 59.

« The first quarter of the year has ended on a positive note, with improved revenues despite the calendar effect—Easter in 2025 fell in April—and the comparison with 2024, a leap year, which had an additional day of revenue generation. This resilience underscores the strength of the sector, which continues toe xperience steady demand growth at the levels seenin 2024, both in urban and holiday segments, and highlights the effectiveness of the Group's commercial strategy. The outlook for the period has been met across various markets, with particularly strong performance in the Canary Islands and the Spanish mainland coasts, where we were able to open hotels with 100% of rooms available during the Easter holidays » - Gabriel Escarrer Jaume, Chairman & CEO of Meliá Hotels International Chairman & CEO of Meliá Hotels Internationa

Strategic development and portfolio optimization

In 2024, Meliá signed 34 hotels (5,000+ rooms) and opened 19 (3,000 rooms), mainly under asset-light models. Growth focused on emerging markets such as Albania, Malta, and Saudi Arabia, as well as Southeast Asia and the Caribbean.

Over 40 hotels were repositioned over two years, backed by €400 million in investment. The strategy yielded higher average daily rates—up to 70% in resorts and 40% in urban hotels vs. 2019. The owned property portfolio was revalued at €5.29 billion (+13.88% vs. 2022).

Luxury and premium segments now represent 64% of the operating portfolio and 78% of the development pipeline. Brand traction was noted for Innside by Meliá (56 hotels), The Meliá Collection (24), and Paradisus by Meliá, which will debut in Bali this year.

Regional overview

Spain: Urban hotels performed well, particularly in Madrid and Barcelona. Holiday properties showed strong occupancy, boosted by promotional campaigns. Easter Week delivered a 27% revenue increase and a 12-point occupancy gain.

EMEA:

• Germany saw mixed results, with improved corporate travel but lower individual demand.
• UK showed RevPAR growth above 8%, led by London.
• France benefitted from cultural tourism in Paris.
• Italy recorded double-digit RevPAR gains, especially in Milan and Rome.

Americas:

• Mexico maintained good MICE performance but showed weaker rate growth.
• Dominican Republic saw robust demand from LATAM and Canadian markets.
• United States benefitted from strong MICE and leisure segments, with notable growth in New York and Orlando.

Asia:

• China showed mixed recovery, with challenges in domestic corporate demand.
• Southeast Asia performed well, especially Vietnam and Thailand, supported by eased entry conditions and growing connectivity.

Development pipeline and 2025 outlook

Meliá aims to sign at least 30 hotels and open 25 in 2025, adding around 4,500 rooms. As of March 2025, the portfolio includes 365 operational hotels and 67 in the pipeline, totaling 105,198 rooms.

The company expects continued RevPAR growth in the mid-single digits, driven by both rates and occupancy. Urban hotels in Europe, the US, and Southeast Asia are anticipated to lead performance in Q2.

Bookings remain ahead of the previous year, confirming a favorable outlook across key markets.

Choice Hotels reports Q1 2025 earnings and adjusts full-year outlook

Choice Hotels International published its financial results for the first quarter ended March 31, 2025, and provided updated guidance for the remainder of the year. The company reported growth in key performance indicators and an expansion of its global room portfolio.

Financial results for Q1 2025

Total revenues reached $333 million for the quarter, broadly in line with the $332 million recorded in Q1 2024. Revenue from franchised and managed properties, excluding reimbursable costs, increased slightly to $209 million from $203 million in the previous year.

Net income rose to $45 million, up from $31 million in Q1 2024. Diluted earnings per share grew to $0.94 from $0.62. Adjusted net income remained flat at $64 million, while adjusted diluted earnings per share increased to $1.34 from $1.28.

Adjusted EBITDA for the quarter came in at $130 million, representing an increase compared to $124 million in the same period last year. The company noted improved performance in its domestic operations, with partnership services and fees rising 28% to $25.4 million.

RevPAR and occupancy metrics

Domestic revenue per available room (RevPAR) increased by 2.3% year-over-year in Q1 2025, outperforming the average of comparable chain scales. Within segments, extended stay RevPAR increased by 6.8%, midscale by 1.7%, and economy by 7.1%.

The company reported that the domestic average daily rate (ADR) rose by 1.7%, and occupancy improved by 30 basis points. The domestic effective royalty rate increased by 8 basis points to 5.11%.

Global system size and pipeline growth

As of March 31, 2025, Choice Hotels operated 647,587 rooms globally, a 2.8% year-over-year increase. The domestic portfolio reached 505,601 rooms (+2.3%), while the international segment grew to 141,986 rooms (+4.4%).

The upscale, extended stay, and midscale domestic portfolio saw 3.6% growth, with the extended stay category increasing 10.8%. The global pipeline exceeded 95,000 rooms, including 79,000 domestic units. The upscale pipeline grew 8% since December 2024, reaching over 26,000 rooms.

Cash flow and shareholder returns

Cash flows from operating activities totaled $20.5 million in Q1 2025, up from $1.8 million in the previous year. The company reported total liquidity of $593.8 million as of March 31, 2025. The net debt leverage ratio stood at 3.0 times.

During the quarter, Choice Hotels paid $13.5 million in dividends and repurchased 456,000 shares for approximately $64.6 million. The company had 3.4 million shares remaining under its current repurchase authorization at the end of March.

Revised full-year 2025 outlook

Choice Hotels adjusted its full-year 2025 guidance to reflect a more conservative outlook for domestic RevPAR growth amid changing macroeconomic conditions.

• Net Income is expected between $275 million and $290 million, compared to the prior range of $288 million to $300 million.
• Adjusted Net Income forecast was revised to $324 million–$339 million, from $333 million–$345 million.
• Adjusted EBITDA is now expected in the range of $615 million–$635 million (previously $625 million–$640 million).
• Diluted EPS is projected at $5.86–$6.18 (down from $6.04–$6.29), and
• Adjusted Diluted EPS is projected at $6.90–$7.22 (previously $6.98–$7.24).
• Effective Income Tax Rate remains unchanged at 25%.

For full-year 2025, the company now expects domestic RevPAR growth between -1% and +1%, compared to the previous 1% to 2% guidance. Domestic effective royalty rate growth remains in the mid-single digits, and global net system room growth is projected to be approximately 1%.

IHG Hotels & Resorts reports Q1 2025 performance and maintains full-year guidance

IHG Hotels & Resorts published its Q1 2025 trading update, reporting growth in global RevPAR and robust development activity. The company stated it remains on track to meet full-year consensus profit expectations.

Global performance

In the first quarter of 2025, IHG recorded a 3.3% year-on-year increase in global RevPAR. Growth was supported across all demand segments—business (+3%), leisure (+2%), and groups (+5%). Average daily rate increased by 2.2%, and occupancy improved by 0.6 percentage points.

System size growth also accelerated. Gross system size rose by 7.1% year-on-year, supported by 14,600 room openings across 86 hotels—more than double the number of openings from Q1 2024. Net system size growth stood at 4.3% year-on-year. When excluding the removal of rooms affiliated with The Venetian Resort Las Vegas, net growth was 5.0% year-on-year and 0.7% year-to-date.

Development activity was also ahead of prior-year levels. The company signed 25,800 rooms across 158 hotels in the quarter. Excluding the Ruby brand acquisition, signings totaled 20,200 rooms. The global pipeline reached 334,000 rooms (+9.4% year-on-year), across 2,265 hotels.

“We had strong trading performance and development activity for our world class brands in Q1, despite increased volatility in the macro environment. Global RevPAR grew +3.3%, reflecting the strength of our globally diverse footprint and increases across each of our three demand drivers of Business, Leisure and Groups.”
“Looking ahead, while noting that some forward economic indicators have softened, our comparable on-the-books global revenue for Q2 continues to show growth on the same position a year ago... we remain on track to meet full year consensus profit expectations.” - Elie Maalouf, Chief Executive Officer, IHG Hotels & Resorts

Regional highlights

Americas
RevPAR increased by 3.5%, with the US market showing similar growth. Occupancy rose by 0.7 points to 63.4%, and average rate increased by 2.4%. Revenue growth was led by group demand (+6%), followed by business (+4%) and leisure (+2%). System size growth (gross) reached 3.4% year-on-year, while net system size declined slightly (-0.1% YOY). Adjusting for The Venetian’s exit, net growth was 1.3% YOY. The region saw 4,000 rooms opened and 4,500 rooms signed, including several Holiday Inn and extended stay brand properties.

EMEAA (Europe, Middle East, Asia & Africa)
The region reported 5.0% RevPAR growth, with occupancy up 0.6 points to 66.7% and rates up 4.0%. Growth varied across subregions, from flat in the UK to increases of 5.6% in Continental Europe and 6.8% in East Asia & Pacific. Openings totaled 6,200 rooms (30 hotels), and the region added 12,900 rooms to the pipeline. The Ruby brand contributed 5,700 rooms, with additional signings post-acquisition. Net system size grew 9.8% year-on-year.

Greater China
RevPAR declined by 3.5%, similar to Q4 2024, impacted by strong prior-year comparisons and outbound leisure travel. Occupancy increased by 0.4 points to 52.8%, while ADR declined 4.3%. Tier 1 cities performed slightly better than Tier 2–4 locations. System size grew by 11.6% gross and 9.1% net year-on-year, with 4,400 rooms opened and 8,500 rooms signed during the quarter.

Shareholder returns and capital allocation

IHG advanced its $900 million share buyback program for 2025, having completed $324 million (36%) by early May. This corresponds to a 1.9% reduction in total voting rights. The company continues to prioritize a consistent capital allocation strategy with a target leverage ratio of 2.5x–3.0x net debt to adjusted EBITDA and an investment-grade credit rating.

Outlook

IHG reiterated its expectation to meet full-year 2025 profit consensus. While acknowledging potential macroeconomic uncertainty, the company confirmed its business model remains largely insulated from direct exposure to tariffs or supply chain cost pressures.

Minor Hotels reports resilient start to 2025 despite seasonal challenges

In the first quarter of 2025, Minor Hotels demonstrated resilience in the face of traditional seasonal softness and external challenges such as currency volatility. The company reported a 4% year-on-year increase in core revenue and a 7% rise in core EBITDA, highlighting the strength of its diversified portfolio and effective cost management.

Performance across key markets

Despite the low season in Europe and the usual seasonal softness in Asia, Minor Hotels reported 5% growth in RevPAR globally, driven by strong performances in both Thailand and Europe. Thailand's growth was particularly impressive, with a 10% increase in RevPAR for owned hotels, supported by improved flight connectivity, increased international arrivals, and the added brand exposure from HBO’s The White Lotus Season 3, which was filmed across four Minor resorts.

In Europe, the company exceeded expectations with an 8% increase in RevPAR in key markets such as Spain, Italy, and the Benelux region. The resilience of demand across these regions further solidified Minor’s positive momentum.

Strategic actions and cost control

Minor Hotels’ strategy to improve direct bookings and strategic pricing played a crucial role in its strong performance during the first quarter. The launch of its new Minor Hotels masterbrand in March also contributed to sharper top-line growth. These efforts, combined with cost controls and disciplined management, led to a 57% reduction in the core loss for the quarter compared to the same period in 2024.

Positive outlook for the rest of 2025

The company’s performance across multiple regions indicates that it is well-positioned to capture future demand. The system sales of its entire portfolio remained steady at THB 40.5 billion, and Minor Hotels achieved a 3% increase in like-for-like system sales when adjusting for foreign-exchange effects and recent openings or exits.

In terms of regional performance, Asia, the Indian Ocean, the Middle East, and Africa collectively saw a 2% increase in system sales, driven by the Maldives and Sri Lanka, which offset soft spots in other parts of these regions.

The company also highlighted the success of its third-party-operated hotels, which saw a 6% increase in like-for-like system sales, buoyed by high demand in Africa and Thai resorts.

“Delivering such a strong first-quarter performance in what is traditionally our toughest season shows the power of our trusted brands and the agility of our people,” “We will keep building momentum through ‘asset right’ expansion and sharper distribution while maintaining strict discipline on operating and capital costs, with a clear focus on further debt reduction to strengthen our balance sheet.” - Dillip Rajakarier, Group CEO of Minor International, the parent company of Minor Hotels.

Looking Ahead

Looking ahead, Minor Hotels’ second-quarter bookings remain aligned with the company’s full-year outlook. The company is focused on continuing its expansion, reducing debt, and maintaining profitability while navigating macroeconomic uncertainties. Minor Hotels is well-placed to continue benefiting from its diverse portfolio of brands and adaptable teams.