HomeBusiness Travel NewsHoliday Inn and Crowne Plaza Owner Posts 70% Surge in Profit

Holiday Inn and Crowne Plaza Owner Posts 70% Surge in Profit

InterContinental, Holiday Inn, Crowne Plaza and Iberostar owner IHG Hotels & Resorts has posted a strong set of annual financial results for 2023, and has forecast a strong 2024.

The group – which operates its leading brands in Ireland – reported a 70% increase in annual operating profits to $1.1bn; while total group revenue rose by 19% to $4.6bn.

New IHG chief executive, Elie Maalouf, said: “Travel demand was strong across all markets, with RevPAR up 16% on last year and 11% ahead of the 2019 pre-pandemic peak…Alongside strong trading and financial performances, we continued to grow our portfolio and the global footprint of our brands. We opened 275 hotels in 2023 and signed more than double that amount – 556 hotels – into our pipeline.

“As we look ahead, our evolved strategic priorities and clear plans will further reinforce IHG Hotels & Resorts as the hotel company of choice for guests and owners. The travel industry has attractive, long-term drivers of demand, and the strength of our brand portfolio and enterprise platform will continue to boost our RevPAR and system size growth.” 

Geoff Percival
Geoff Percival
Geoff has worked in business, news, consumer and travel journalism for more than 25 years; having worked for and contributed to the likes of The Irish Examiner, Business & Finance, Business Plus, The Sunday Times, The Irish News, Senior Times, and The Sunday Tribune.

Must Read