SECURITIES
AND EXCHANGE COMMISSION
Washington
DC 20549
FORM 6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 AND 15d-16
OF
THE
SECURITIES EXCHANGE ACT OF 1934
For 05
May 2023
InterContinental Hotels Group PLC
(Registrant's
name)
Broadwater
Park, Denham, Buckinghamshire, UB9 5HJ, United Kingdom
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form
20-F
Form 40-F
Indicate
by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes
No
If
"Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): Not
applicable
EXHIBIT
INDEX
|
99.1
|
2023
First Quarter Trading Update dated 05 May 2023
|
Exhibit No: 99.1
5 May
2023
InterContinental Hotels Group PLC
2023
First Quarter Trading Update
|
●
|
Q1
group RevPARa +33% vs 2022, with
Americas +18%, EMEAA +64% and Greater China +75%
|
|
●
|
Q1
group RevPAR +6.8% vs 2019, with Americas +11.1%, EMEAA +9.7% and
Greater China (9.1)%
|
|
●
|
Average
daily rate +11% vs 2022, +10% vs 2019; occupancy +10%pts vs 2022,
(2)%pts vs 2019
|
|
●
|
Gross
system size growth +5.8% YOY, +0.9% YTD; opened 8.4k rooms (45
hotels) in Q1, ahead of 2022
|
|
●
|
Net
system size growth +4.2% YOY on an adjustedb basis, +0.4%
YTD
|
|
●
|
Global
system of 915k rooms (6,179 hotels); 66% across midscale segments,
34% across upscale and luxury
|
|
●
|
Signed
16.5k rooms (108 hotels) in Q1, in-line with 2022; global pipeline
of 287k rooms (1,906 hotels), +3.3% YOY
|
|
Keith
Barr, Chief Executive Officer, IHG Hotels & Resorts,
said:
|
“We’ve
seen a good start to the year, with continued strong trading in
both the Americas and EMEAA, and an excellent rebound in demand in
Greater China since the lifting of travel restrictions. Leisure
demand has remained buoyant, and there has been further return of
business and group travel as expected.
The
guest appeal of our brands has continued to support pricing, with
rate up 10% versus 2019 and occupancy now almost back to pre-Covid
levels. For owners, the strength of our enterprise platform and
investments we’ve made to enhance our portfolio and widen our
offer continues to attract demand and drive growth. We signed over
16 thousand rooms across 108 hotels into our development pipeline
in the quarter, in line with our performance in 2022. A third of
all signings were across our six Luxury & Lifestyle brands, as
we accelerate our growth in the segment.
We
opened eight thousand rooms across 45 hotels in the quarter, and
while financing challenges for the wider commercial real estate
industry are holding back new hotel development and opening
activity fully returning to normal, we anticipate improving levels
as the year progresses. Meanwhile, conversions increased to be over
a third of both openings and signings in the period.
Whilst
comparatives to 2022 get tougher from the second quarter onwards
and there are ongoing economic uncertainties, IHG has continued to
prove the resiliency of its business model and we remain confident
about the strong tailwinds for attractive long-term, sustainable
growth and value creation. We look forward to making additional
progress over the course of 2023 in further evolving our brand
portfolio, increasing RevPAR and expanding our system
size.”
Americas
Q1
RevPAR was up +18% vs 2022 (up +11% vs 2019), with US RevPAR up
+15% (up +10% vs 2019). Occupancy was 64%, up +5%pts on last year
(and up 0.5%pts vs 2019), whilst rate was up +9%. Driven by another
strong Spring Break vacation period, leisure rooms revenue for the
total estate was 11% higher than last year, and up 22% on 2019
levels.
Gross
system size growth was +4.0% YOY, with 1.9k rooms (15 hotels)
opened in the quarter.
Net system size growth was +2.7% YOY. A further
5.4k rooms (54 hotels) were added to the pipeline. Signings
included the first Regent property for the region and 10 further
Luxury & Lifestyle properties; there were 21 hotels signed
across the Holiday Inn Brand Family and a further 18 across our
extended stay brands.
EMEAA
Q1
RevPAR was up +64% vs 2022 (up +10% vs 2019). Occupancy was 65%, up
+17%pts, whilst rate was up +20%. By major geographic markets
within the region, the dispersion of RevPAR performance has
narrowed as borders have opened and international travel has
increasingly returned. Q1 RevPAR vs 2019 therefore ranged from up
+21% in the Middle East, +12% in the UK, +11% in Australia and up
+7% in Continental Europe, to down just (9)% in Japan.
Gross
system size growth was +8.0% YOY, with 5.4k rooms (24 hotels)
opened in the quarter. Net system size growth was +6.0% YOY on an
adjusted basis. There were 5.2k rooms (26 hotels) added to the
pipeline; conversions were half of all signings in the region, and
Luxury & Lifestyle brands represented almost
two-thirds.
Greater China
Q1
RevPAR was up +75% vs 2022 (down (9)% vs 2019). Occupancy was 52%,
up +17%pts, whilst rate was up +17%. Tier 1 cities saw RevPAR up
+53%, reflecting the slower return of international travel and the
boost in Q1 2022 from the Beijing Winter Olympics; the performance
was stronger across Tier 2-4 cities which were up
+80%.
Gross
system size growth was +8.2% YOY, with 1.1k rooms (6 hotels) opened
in the quarter. Net system size growth was +6.1% YOY. A further
5.9k rooms (28 hotels) were added to the pipeline. This is expected
to support the gradual improvement in system growth in coming years
following the period of development and openings being held back by
the prior Covid-related restrictions.
At the
time of reporting our 2022 full year results on 21 February 2023,
IHG announced a $750m share buyback programme to return surplus
capital to shareholders. The programme commenced on the date of
that announcement and will end no later than 29 December 2023. The
programme is currently 32% complete with $240.5m (£193.7m)
having been cumulatively spent to date, repurchasing 3,540,836
shares at an average price of £54.71 per share. The programme
to date has therefore reduced the total number of voting rights in
the Company by 2.02% to 171,852,482 as at market close on Thursday
4 May 2023. Earnings per share is calculated using the weighted
average number of shares in issue for the year which will reduce
accordingly to take account of the timing of shares
repurchased.
For further information, please contact:
Investor
Relations:
Stuart Ford (+44
(0)7823 828 739); Aleksandar Milenkovic (+44 (0)7469 905
720);
Joe Simpson (+44
(0)7976 862 072)
Media
Relations:
Amy Shields (+44
(0)7881 035 550); Alex O’Neil (+44 (0)7407 798
576)
Conference call for analysts and institutional
shareholders:
Keith
Barr, Chief Executive Officer, and Michael Glover, Chief Financial
Officer, will host a call commencing at 9:00am (London time) on 5
May. The live listen-only audio webcast can be accessed directly at
https://www.investis-live.com/ihg/64229f47ccbbd112001140ef/htdr
or via www.ihgplc.com/en/investors/results-and-presentations.
Analysts
and institutional shareholders wishing to ask questions should use
the following dial-in details for a Q&A facility:
|
UK
local:
|
0203
936 2999
|
|
US
local:
|
646 664
1960
|
|
All
other locations:
|
+44 203
936 2999
|
|
Passcode:
|
55 38
39
|
An
audio replay will also be available for 7 days using the following
details:
|
UK
local:
|
0203
936 3001
|
|
US
local:
|
845 709
8569
|
|
All
other locations:
|
+44 203
936 3001
|
|
Passcode:
|
31 28
26
|
Website:
The
full release and supplementary data will be available on our
website from 7:00am (London time) on 5 May. The web address is
www.ihgplc.com/en/investors/results-and-presentations.
About IHG Hotels & Resorts:
IHG Hotels & Resorts [LON:IHG, NYSE:IHG (ADRs)] is a
global hospitality company, with a purpose to provide True
Hospitality for Good.
With a
family of 18 hotel brands and IHG One
Rewards, one of the world’s largest hotel loyalty
programmes, IHG has over 6,000 open hotels in more than 100
countries, and more than 1,900 in the development
pipeline.
●
Luxury & Lifestyle: Six Senses Hotels
Resorts Spas, Regent Hotels &
Resorts, InterContinental
Hotels & Resorts, Vignette
Collection, Kimpton Hotels &
Restaurants, Hotel
Indigo
●
Premium: voco
hotels,
HUALUXE
Hotels & Resorts, Crowne
Plaza Hotels
& Resorts,
EVEN
Hotels
●
Essentials: Holiday Inn Hotels
& Resorts, Holiday Inn
Express, avid
hotels
●
Suites: Atwell Suites,
Staybridge
Suites, Holiday Inn Club
Vacations, Candlewood
Suites
●
Exclusive Partners: Iberostar Beachfront
Resorts
InterContinental
Hotels Group PLC is the Group’s holding company and is
incorporated and registered in England and Wales. Approximately
345,000 people work across IHG’s hotels and corporate offices
globally.
Visit
us online for more about our hotels and
reservations and IHG One
Rewards. To download the new IHG One Rewards app, visit the
Apple
App or
Google
Play stores.
For our
latest news, visit our Newsroom and
follow us on LinkedIn,
Facebook and
Twitter.
Cautionary note regarding forward-looking statements:
This
announcement contains certain forward-looking statements as defined
under United States law (Section 21E of the Securities Exchange Act
of 1934) and otherwise. These forward-looking statements can be
identified by the fact that they do not relate only to historical
or current facts. Forward-looking statements often use words such
as ‘anticipate’, ‘target’,
‘expect’, ‘estimate’, ‘intend’,
‘plan’, ‘goal’, ‘believe’ or
other words of similar meaning. These statements are based on
assumptions and assessments made by InterContinental Hotels Group
PLC’s management in light of their experience and their
perception of historical trends, current conditions, expected
future developments and other factors they believe to be
appropriate. By their nature, forward-looking statements are
inherently predictive, speculative and involve risk and
uncertainty. There are a number of factors that could cause actual
results and developments to differ materially from those expressed
in or implied by, such forward-looking statements. The main factors
that could affect the business and the financial results are
described in the ‘Risk Factors’ section in the current
InterContinental Hotels Group PLC’s Annual report and Form
20-F filed with the United States Securities and Exchange
Commission.
Appendix 1: RevPARa movement summary at
constant exchange rates (CER)
|
|
Q1 2023 vs 2022
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Q1 2023 vs 2019
|
|
|
RevPAR
|
ADR
|
Occupancy
|
RevPAR
|
ADR
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Occupancy
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|
Group
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33.0%
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10.7%
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10.4%pts
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6.8%
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9.5%
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(1.6)%pts
|
|
Americas
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18.1%
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9.1%
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4.9%pts
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11.1%
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10.2%
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0.5%pts
|
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EMEAA
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63.6%
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20.0%
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17.2%pts
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9.7%
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17.6%
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(4.7)%pts
|
|
G.
China
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74.6%
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16.9%
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17.3%pts
|
(9.1)%
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(6.2)%
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(1.7)%pts
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Appendix 2: RevPARa movement at CER vs
actual exchange rates (AER)
|
|
Q1 2023 vs 2022
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Q1 2023 vs 2019
|
|
|
CER (as above)
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AER
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Difference
|
CER (as above)
|
AER
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Difference
|
|
Group
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33.0%
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30.3%
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(2.7)%pts
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6.8%
|
4.0%
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(2.8)%pts
|
|
Americas
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18.1%
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18.0%
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(0.1)%pts
|
11.1%
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10.5%
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(0.6)%pts
|
|
EMEAA
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63.6%
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53.9%
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(9.7)%pts
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9.7%
|
1.8%
|
(7.9)%pts
|
|
G.
China
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74.6%
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62.4%
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(12.2)%pts
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(9.1)%
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(10.1)%
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(1.0)%pts
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Appendix 3: Monthly RevPARa (CER)
|
2023 vs 2022
|
Jan
|
Feb
|
Mar
|
|
Group
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40.8%
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33.5%
|
27.2%
|
|
Americas
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24.5%
|
18.3%
|
13.8%
|
|
EMEAA
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84.0%
|
71.9%
|
44.5%
|
|
G.
China
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53.3%
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54.2%
|
125.2%
|
|
2023 vs 2019
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Jan
|
Feb
|
Mar
|
|
Group
|
4.2%
|
6.7%
|
9.2%
|
|
Americas
|
8.8%
|
11.0%
|
13.1%
|
|
EMEAA
|
8.2%
|
7.7%
|
13.0%
|
|
G.
China
|
(16.6)%
|
(3.8)%
|
(6.6)%
|
Appendix 4: System and pipeline summary of Q1 2023 YTD and YOY
growths, and closing positions (rooms)
|
|
System
|
Pipeline
|
|
|
Openings
|
Removals
|
Net
|
Total
|
YTD%
|
YOY%
|
Adjusted YOY%b
|
Signings
|
Total
|
|
Group
|
8,365
|
(5,064)
|
3,301
|
914,928
|
+0.4%
|
+3.4%
|
+4.2%
|
16,496
|
286,539
|
|
Americas
|
1,886
|
(2,619)
|
(733)
|
514,763
|
(0.1)%
|
+2.7%
|
+2.7%
|
5,431
|
102,837
|
|
EMEAA
|
5,393
|
(1,479)
|
3,914
|
233,578
|
+1.7%
|
+3.0%
|
+6.0%
|
5,156
|
81,304
|
|
G.
China
|
1,086
|
(966)
|
120
|
166,587
|
+0.1%
|
+6.1%
|
+6.1%
|
5,909
|
102,398
|
a
RevPAR (revenue per available room), ADR (average
daily rate) and occupancy are on a comparable basis, based on
comparability as at 31 March 2023 and includes hotels that have
traded in all months in both current and the prior year. This same
group of hotels is also used to compare RevPAR performance for 2023
vs 2019. The principal exclusions in deriving these measures are
new openings, properties under major refurbishment and removals.
See ‘Use of key performance measures and non-GAAP
measures’ in IHG’s full year results announcement for
further information on definitions.
b
Adjusted for the removal of 6.5k
rooms (28 hotels) in Russia in Q2 2022, following IHG’s
announcements regarding ceasing all operations in that
country.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
|
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InterContinental Hotels Group PLC
|
|
|
|
(Registrant)
|
|
|
|
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|
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By:
|
/s/ C. Lindsay
|
|
|
Name:
|
C.
LINDSAY
|
|
|
Title:
|
ASSISTANT
COMPANY SECRETARY
|
|
|
|
|
|
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Date:
|
05 May 2023
|
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