InterContinental Hotels Group (IHG) has reported a strong first
quarter of 2023 and announced a change in leadership as IHG Americas
CEO, Elie Maalouf, is set to become the group's new CEO on 1 July,
succeeding Keith Barr, who has decided to step down to return to his
family in the US.
Maalouf has been serving as the regional CEO for the past eight years
and has also been a member of IHG's board and executive committee.
Barr, who has been with IHG for more than 30 years, led the company
since July 2017, and will remain available through 2023 to aid in the
transition. IHG has confirmed that a process is underway to appoint a
successor to Maalouf in the Americas.
Maalouf has been instrumental in driving the growth of the Americas
region, which now boasts over 4,350 hotels, up from 3,700 when he first
joined IHG in February 2015. Under his leadership, the Americas region
has seen an 18% increase in group revenue per available room (RevPAR) in
1Q 2023 versus 2022.
IHG reported a strong rebound in demand across its regions in 1Q23,
with a +33% increase in group revenue per available room (RevPAR) versus
2022. EMEAA (Europe, Middle East, Africa, and Asia) and Greater China
saw the most significant increases at +64% and +75%, respectively.
Group RevPAR was up by +6.8% compared to 2019, with the Americas
leading the way at +11.1%. The group's gross system size grew by +5.8%
year-on-year, and net system size growth was +4.2% year-on-year on an
adjusted basis. IHG opened 8,400 rooms (45 hotels) in 1Q, ahead of 2022,
and signed 16,500 rooms (108 hotels) in line with the previous year.
The global pipeline stood at 287,000 rooms (1,906 hotels), up by +3.3%
year-on-year, with a third of all signings across IHG's luxury and
lifestyle brands.
Barr expressed his confidence in IHG's ability to create value in the
long term and expand its brand portfolio, increase RevPAR, and expand
its system size despite ongoing economic uncertainties. His remarks
reflect a familiar tone among IHG's global competitors, who have also
reported a strong rebound in demand, particularly in regions where
travel restrictions have been lifted.