Bulletin: InterContinental Hotels Group's Strong First Half Results In Line With Expectations Despite Macroeconomic Uncertainty

This report does not constitute a rating action. LONDON (S&P Global Ratings) Aug. 12, 2025--On Aug. 7, 2025, InterContinental Hotels Group PLC (IHG; BBB/Stable/--) released its trading update for the first half of 2025 showing a robust performance for the group thanks to increasing average daily rates and relatively flat occupancy. In Americas, revenue per available room (RevPar) increased by 1.4% in the first half of 2025. However, RevPar growth slowed to -0.5% in the second quarter from 3.5% in the first quarter as a result of lower demand due to the macroeconomic conditions and the adverse effect of the timing of Easter. RevPar in Greater China fell by 3.2%. The group's solid geographic diversification allowed the strong performance in

...August 12, 2025 This report does not constitute a rating action. LONDON (S&P Global Ratings) Aug. 12, 2025--On Aug. 7, 2025, InterContinental Hotels Group PLC (IHG; ###/Stable/--) released its trading update for the first half of 2025 showing a robust performance for the group thanks to increasing average daily rates and relatively flat occupancy. In Americas, revenue per available room (RevPar) increased by 1.4% in the first half of 2025. However, RevPar growth slowed to -0.5% in the second quarter from 3.5% in the first quarter as a result of lower demand due to the macroeconomic conditions and the adverse effect of the timing of Easter. RevPar in Greater China fell by 3.2%. The group's solid geographic diversification allowed the strong performance in Europe, Middle East, Africa, and Asia (EMEAA) to offset the above trends, with RevPar increasing by 4.1% (Continental Europe up by 5.1%, Middle East by 5%, and East Asia and Pacific by 5.6%). This resulted in total revenue increasing by...

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