IHG’s net system size expanded by 4.1% in Q3 2024. Credit: T Schneider / Shutterstock.

InterContinental Hotels Group (IHG) has reported a rise of 1.5% in revenue per available room (RevPAR) for the third quarter (Q3) of 2024.

This increase is, however, slower than the 3.2% growth seen in the previous quarter.  

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This performance reflects a mixed geographical landscape, with growth in Europe being offset by weaker demand in China and a subdued US market.

RevPAR in the Americas saw a rise of 1.7% while the Europe, Middle East, Africa, and Asia (EMEAA) region saw an increase of 4.9%.

Greater China experienced a decline, with RevPAR falling by 10.3%.  

IHG Hotels & Resorts CEO Elie Maalouf said: “RevPAR grew +1.5% in the third quarter of 2024, reflecting the strength of our globally diverse footprint, healthy business demand and a record period for group bookings.”

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Occupancy in the EMEAA region improved by 0.9% points to 74.6%, with a rate increase of 3.6%.

Continental Europe led the growth with a 7.1% rise in RevPAR, followed by East Asia & Pacific at 6.5%, and the UK at 2.2%. However, the Middle East saw a decline of 3.2%. 

Year-to-date (YTD) figures show global RevPAR up by 2.4%, driven by a 1.8% increase in the Americas and a 6.4% growth in EMEAA.

Greater China, however, has seen a 5.6% decrease.

The average daily rate (ADR) for the quarter rose by 1.7%, with occupancy down by 0.1% points.

IHG’s net system size expanded by 4.1% in Q3.

The group also announced that its licensing agreement with The Venetian Resort and The Palazzo in Las Vegas will conclude on 1 January 2025.

Gross system size growth was 5.9% year-over-year (YOY) in the third quarter and 3.7% YTD.

IHG opened 98 hotels in the quarter, and signed 129 hotels in the quarter, up 14% YOY, and its global pipeline now stands at 2,218 hotels, a 12% increase from the previous year.

In the Americas, net system size growth was 1.1% YOY and 0.6% YTD.

The pipeline saw the addition of 59 hotels, including 19 across the Holiday Inn brand family, 17 across IHG’s extended-stay brands, and seven across luxury and lifestyle.

China reported a gross system growth of 11.9% YOY and 6.8% YTD, with 27 hotels opened in the quarter, representing a 51% increase from the same period last year.  

In the EMEAA region, gross system growth was 8.2% YOY and 5.3% YTD, with 47 hotels opened in the quarter.