InterContinental Hotels Q1 Global RevPAR Rises 6.0% - Quick Facts

(RTTNews) - InterContinental Hotels Group Plc (IHG, IHG.L), in its first quarter interim management statement, said that Global RevPAR for the first-quarter was up 6.0%, driven by occupancy up 2.4% pts and average daily rate up 1.9%.

Americas RevPAR was up 6.6%. In the US, 6.4% RevPAR growth was driven by mid to high single digit performance across all of its brands, led by its Crowne Plaza and extended stay brands.

Asia, Middle East & Africa RevPAR was up 3.8%, but up 7.1% excluding Thailand, Egypt and Lebanon where there has been ongoing political unrest in the quarter. This strong result was led by South East Asia which, excluding Thailand, drove double digit RevPAR growth.

Greater China RevPAR was up 3.9%, led by strong growth in tier one cities and resorts. IHG's scale, expertise and breadth of brands, built up over 30 years of operating in the region, continued to drive significant outperformance compared to the industry in the quarter.

Reflecting the recent completion of major asset sales, the company said its strategy to have an efficient balance sheet whilst maintaining an investment grade credit rating, and its commitment to return surplus funds to shareholders, a $750 million special dividend with share consolidation will be paid in July 2014, subject to shareholder approval.