Global Q1 RevPAR growth of 6.0%; driven by occupancy up 2.4%pts and average daily rate up 1.9%
9k rooms opened in Q1, taking net system size up 2.2% year on year to 689k rooms
13k rooms signed in Q1, taking the pipeline to 182k rooms, with more than 45% under construction
5% global industry supply, 13% active industry pipeline; well positioned for sustained high quality growth
Two major asset disposals completed; strategic review of opportunities for further asset disposals
$750m to be returned to shareholders by way of special dividend with share consolidation; takes total funds returned to shareholders to $10.3 billion since 2003
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Richard Solomons, Chief Executive of InterContinental Hotels Group PLC, said: |
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"We have made an excellent start to the year with our strongest RevPAR performance in seven quarters and our best first quarter for pipeline signings1 in six years. This reflects the continued growth momentum in the business and the strong preference for our portfolio of brands from both owners and guests. We completed two major asset sales in March and are announcing today a $750m special dividend. This reflects our clear capital allocation strategy whereby we are committed to returning surplus funds to shareholders, whilst maintaining an efficient balance sheet and continuing to invest behind growth. In line with our strategy to continue to reduce the capital intensity of the business, and given the strength of the global demand for prime hotel assets, we are now reviewing our opportunities for further asset disposals. Current trading trends give us confidence for the rest of the year and our strategy for high quality growth positions us well for continuing outperformance in an industry with compelling long term growth prospects." |
