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IOSIHG sees 4.1% uplift in Middle East RevPAR in H1
Intercontinental Hotels Group had its best half year for hotel signings in six years during the first six months of 2014, a period during which it also enjoyed solid revenue growth in the Middle East.
The company’s results for H1 show that it registered a 4.1 percent increase in RevPAR in the Middle East. Across Asia, Middle East and Africa (AMEA), comparable RevPAR increased 3.7 percent and, excluding Egypt where there was political unrest, up 5.4 percent.
Meanwhile, revenues were up 14.7 percent to $117 million in AMEA, while operating profit operating profit decreased by 7.3 percent to $38 million.
“We have had our best half for signings in six years, underpinning our future growth prospects and demonstrating owners' preference for our brands,” said IHG CEO Richard Solomons.
“Openings included the first two Even Hotels in the US, a major milestone for this new brand, which satisfies a previously unmet guest need in the wellness segment.”
Overall, IHG signed 208 hotels during the first half of the year, with a total of 30,000 rooms. In AMEA it signed eight hotels, with a total of 2000 rooms, including two properties in Abu Dhabi.
Globally, there was RevPAR growth of 5.8 percent, while total gross revenues in hotels in its system were up 7 percent to $11.1 billion.
For IHG itself, reported revenues were down 3 percent to $908 million and the operating profit was down 8 percent to $310 million.
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