StockMarketWire.com - InterContinental Hotels Group posted a slight uptick in revenue per room growth as weakness in the Middle East and South Korea offset growth in Europe and the US.

For the three months to 31 March, global revenue per available room (RevPar), a key industry measure, grew 0.3% for the year, with Revpar in Americas up 0.8%, China flat and EMEAA down 0.7% from a year earlier.

The fall in RevPAR in Europe, Middle East, Asia & Africa was blamed on softness in the Middle East and South Korea offsetting solid growth in Europe. Excluding these two markets, RevPAR would have been up 1%, the company added.

Flat RevPAR in Greater China was due to 'a strong prior year performance in Q1 2018 when RevPAR was up 11%,' the company added.

The subdued global RevPar comes even as the company notched its highest first quarter hotel openings in a decade.

'Our strategic focus on driving industry leading net rooms growth is delivering strong results, with our net system size increasing 5.4% in the first quarter and our highest number of signings in 12 years. Global RevPAR increased 0.3% against strong prior year results, with good growth in the US where we outperformed the industry segments where we compete, and continued market share gains in China,' said Keith Barr, Chief Executive of InterContinental Hotels Group.

'The investments we are making to enable this acceleration in growth are funded through our efficiency programme, which is on track to deliver $125m of annual savings by 2020. While macro-economic and geopolitical uncertainties remain in some markets, the strong fundamentals of our business give us confidence for the balance of the year.'








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