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PRIVACY
Retail & Consumer

Holiday Inn owner IHG expands portfolio amidst robust travel market recovery

IHG has soared as travel has returned after the pandemic, with early estimates for 2024 suggesting the hotel industry has finally surpassed 2019's revenue

The Crowne Plaza hotel in Newcastle, which is run by IHG

Holiday Inn owner IHG is celebrating the acquisition of its 20th brand and heightened returns for shareholders amidst a resurgence in the travel sector.

The company, based in Windsor, has seen its fortunes ascend as travel regains momentum post-pandemic, with early projections for 2024 indicating that the hotel industry's revenues have eclipsed those of 2019, as reported by .

In a statement to the markets this morning, IHG revealed that its revenue climbed to $2.3bn (£1.82bn) in 2024, marking a 7% increase from $2.1bn in the previous year.

Operating profit experienced a 10% rise to $1.1bn, while earnings per share saw a significant 15% climb to 434.4 cents.

Despite the positive financial indicators, IHG's share price experienced a slight downturn, dropping by 1.73% in early trading.

The hospitality giant, known for owning rights to a plethora of prominent brands including Crowne Plaza, Six Senses, and Staybridge Suites, primarily adopts a franchise business model.

This past year, IHG launched 59,100 rooms across 371 hotels, which is a 23% year-on-year surge, bringing their worldwide portfolio to 987,000 rooms at 6,629 properties.

Furthermore, IHG's development pipeline is robust, featuring 325,000 rooms across 2,210 hotels, boasting a 10% year-over-year growth.