By Laura McGuire
Holiday Inn owner, InterContinental Hotels Group, has seen revenues soar in 2022 as consumer demand for hotels has returned in a post Covid landscape.
The group, which has over 50 hotels across London, posted total revenues of $3.89m (£3.23m) in the year ending December 2022 up 34 per cent from $2.90m (£2.41m) in the same period last year.
Throughout the year, the brand signed 467 hotels in 2022 and opened 269, which it said led to net system growth of over four per cent.
The group also said it has a further 1,800 hotels in its pipeline which represents “future growth of over 30 per cent of today’s system size”.
In the past year the group has announced a string of openings internationally, including its first Holiday Inn resort in Pakistan and Crowne Plaza Hotel and Resort in Bangladesh.
“Looking to 2023, while there are economic uncertainties, we expect continued strong leisure demand in many markets, alongside further return of business and group travel and the ongoing reopening of China,” Keith Barr, chief executive officer, IHG Hotels & Resorts, said.
The board of the hotel group has also recommended a 10 per cent increase in the final dividend of 2022 and has announced a further share buyback programme to return an additional $750m( £624m) to shareholders in 2023.
Ruth Griffin is a retail & leisure partner at the law firm, Gowling WLG, said: “IHG has continued its post-pandemic recovery trajectory in earnest, as their global acquisition net continues to widen and provide shelter against changeable market conditions.
Indeed, the group is now in prime position to take advantage of the improving UK leisure market, especially in light of recent analyst comments that its room prices are competitive when compared to rivals.”
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