InterContinental Hotels Group, owner of the Holiday Inn and Crowne Plaza chains, said its performance had normalised after the impact of the pandemic as it reported significant improvements to trading performance, hotel openings, profit and earnings in 2023.
The FTSE 100 company reported an operating profit of just over $1bn, up 23 per cent on $828mn in 2022 and a significant improvement from $865mn in pre-pandemic 2019. It is the first time the company’s profit exceeded $1bn.
Revenue per available room, a key metric, was up 16 per cent from 2023 and 11 per cent higher than the 2019 peak.
IHG also announced an $800mn share buyback programme and said it expected to return more than $1bn to shareholders in 2024.