IHG · InterContinental Hotels Group PLC

InterContinental Hotels Group PLC delivered a very strong Q1 2026 performance, with Global RevPAR growth of +4.4% significantly better than expected, driven by a 2.0% increase in average daily rate and 1.5 percentage point rise in occupancy. Regional breakdowns highlight resilience: Americas grew +3.6% on top of strong prior-year comparatives, supported by Groups (+9%) and Business (+6%) demand; EMEAA achieved +5.6% despite Middle East conflict impacts that moderated March growth; Greater China accelerated to +5.7% fueled by leisure over Chinese New Year and improving business travel. CEO Elie Maalouf emphasized the benefits of IHG's diverse global footprint, scale, and high demand for quick-to-market conversions, which comprised 35% of Q1 openings and 53% of signings. Development momentum remains robust, with 82 hotels (14.9k rooms) opened (+2% YoY), 163 signed (+6% excluding prior Ruby acquisition), pushing net system size to 1,036k rooms across 7,014 hotels and a 343k-room pipeline (+3% YoY). Share buybacks advanced with $240m of the $950m 2026 program executed, reducing shares by 1.1%. Looking forward, Q2 on-the-books revenue indicates continued growth, with Middle East disruptions expected offset by strength elsewhere. Management's confidence in meeting consensus full-year growth and profit expectations is underpinned by year-to-date results and strategic priorities capitalizing on long-term demand and supply drivers.