IHG records positive RevPAR growth for Asia Pacific in Q3
09 November 2011
InterContinental Hotels Group (IHG) has reported a 5.7% increase in RevPAR for the Asia Pacific region for its third quarter results.
Excluding Japan where the earthquake and resultant events negatively impacted growth, regional RevPAR grew 8.6%, IHG reported. The growth was led by Greater China which recorded RevPAR up 10.8%, including rate growth of 4.9%.
Revenue for the Asia Pacific region increased 19% to $88m while operating profit increased 55% to $31m, IHG said. After adjusting for a $6m liquidated damages receipt, revenue increased 11% and operating profit increased 25%. The increases were driven by strong RevPAR growth and an 8% increase in year-on-year room count, led by Greater China, up 14%.
IHG announced it signed 18 hotels in the Asia Pacific region in the quarter including a 1,224 room Holiday Inn in Macau, and the fourth hotel development for the Holiday Inn Express brand in Thailand, located along Patong Beach in Phuket. It opened 11 hotels, including a second Holiday Inn resort in Phuket.
“In the third quarter we delivered a strong set of results, with global revenue per available room (RevPAR) up 6.4%, including 2.8% rate growth. This was led by 10.8% RevPAR growth in Greater China and 8.0% in the US where we continued to outperform the industry driven by sustained results from the Holiday Inn relaunch. We are now rolling out a multi-year programme to reposition and drive stronger performance from our Crowne Plaza brand,” IHG chief executive Richard Solomons commented on the results.
“We have established firm foundations for high quality growth which we will deliver through driving market share, growing margins and investing behind the growth of our brands and our people. The economic environment continues to be uncertain, but we remain confident in our future due to our resilient business model, robust balance sheet and powerful brand portfolio, combined with low medium term supply growth in many markets,” he added.
To read the full results, click here.
With this I think that , In Asia there is more to see and I know that also in Asia it is cheap compared to other continents. That is why revenue in the increasing mark.