IHG's Q3 corporate transient revenue exceeds '19
Business transient revenue at IHG Hotels & Resorts worldwide increased 6 percent year over year and was 3 percent higher than the third quarter of 2019
As has been the case throughout 2023 and across hotel companies, the post-pandemic recovery primarily has been driven by rising rates. IHG's systemwide third-quarter average daily rate increased 4.1 percent to $130.20, helping to increase revenue per available room 10.5 percent to $93.22.
Key takeaways
- IHG systemwide third-quarter occupancy increased 4.1 percentage points to 71.6 percent, a figure largely driven by a 14.1 percent increase in China, which still is rebounding from the depths of its Covid-19 lockdowns;
- In the Americas, occupancy increased 0.7 percentage points to 72.2 percent, while ADR rose 3.1 percent to $140.28 and RevPAR increased 4.1 percent to $101.26.
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