Skift Take
The IHG third quarter results are here. They don't provide much information on financial performance, but they show promising signs of recovery in China.
IHG’s third-quarter results on Friday show the group is starting to benefit from the domestic travel resurgence in China, seeing improvements over 2019 for the first time in four years.
Revenue per available room (RevPAR) across the UK operator’s 171,000 rooms in Greater China pulled ahead of 2019 levels every month of the quarter. RevPAR increased 9.3% over 2019 in the area.
Within China, record numbers of locals are opting to do their holidays within the country, a shift that has upset external tour operators waiting for deep-pocketed groups to fly in. For IHG and other operators in the country, it has meant numbers are finally improving.
In the call, CEO Elie Maalouf said: "China signings and openings have been growing sequentially every quarter and well above 20