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IHG reports UK fall in RevPAR like-for-likes

IHG has reported for Interim Results to 30 June 2018, the UK's comparable RevPAR was down 0.2% - with London down 1.4%, and provinces up 0.6% - impacted by strong prior year comparables.

Regent Hotels & Resorts and UK portfolio deals agreed in H1 will complete in Q3, adding 4.2k rooms (1.1k pipeline).

The Voco brand launched in June, primarily for conversion opportunities. Four hotels will be added as part of the UK portfolio deal, plus a further three hotels have been signed to date (1.4k rooms in total).

The Kimpton Hotels & Restaurants brand opened four UK hotels in July as part of the portfolio deal, including the first for London.

Keith Barr, Chief Executive Officer, IHG, said, 'in February, we set out a series of new initiatives, funded by a comprehensive efficiency programme, that build on our well-established strategy to drive an acceleration in net rooms growth.

'Our new organisational structure has enabled us to move at pace; we’ve added three new brands in the last year, avid hotels last September, for which we’ve now signed 130 hotels, voco in June and Regent Hotels & Resorts in July.

'Our existing brands continue to strengthen, as demonstrated by the continued global expansion of Kimpton Hotels & Restaurants, with flagship hotels secured for four UK locations, including London, as part of a portfolio deal to rebrand and operate 12 high quality hotels in the UK.'

Barr concluded, 'The fundamentals for our industry are strong, we are confident in the outlook for the balance of the year and in our ability to deliver industry-leading net rooms growth over the medium term.”