InterContinental Hotels (IHG) said that pent-up demand had driven people back on holiday, with revenue up 61 per cent and catching up with pre-pandemic rates.
For Europe, the Middle East and Africa, revenue per available room (RevPAR) hit 122 per cent compared 2021, whilst the Americas were up 58 per cent.
With America leading the recovery, Holiday Inn Express and Extended Stay brands exceeded 2019 levels of RevPAR, with demand boosted by a strong Spring Break vacation period, with leisure rooms revenue 10 per cent higher than 2019 for the quarter.
Leisure demand is expected to remain strong in the coming quarters for the Holiday Inn owner, as well as corporate bookings making a steady comeback.
Commenting on the results, Keith Barr, Chief Executive Officer, IHG Hotels & Resorts, said: “Our strategic focus on strengthening and expanding our brand portfolio continues to drive growth. We signed 17 thousand rooms into our development pipeline in the first quarter, 15% more than in 2021. Our pipeline of 278 thousand rooms increased 2.4%.
“Our net system size is expanding, and we are pleased with the progress towards our ambition of delivering an industry-leading level of net rooms growth.”
“With a cost-of-living crisis sweeping the globe, the group’s focus on a mid-tier value offering should hold it in good stead to capture demand from an increasingly cash strapped consumer,” Hargreaves Lansdown analyst Matt Britzman said.