Great demand for hotel growth
By Fu Chenghao |
November 9, 2011, Wednesday
|
Print Edition
Print Edition
INTERCONTINENTAL Hotels Group Plc, the world's largest hotelier by rooms, sees "great" demand for growth in China due to a fast-growing middle class, its country head said yesterday.
"The great story is the demand side because look at all the hotels that are being built and yet they still continue to perform well in China," Keith Barr, CEO of IHG China, said in an interview in Shanghai. "It's basically underlying demand creation that's coming from within China."
Three out of four travelers staying in its hotels are from China and that number keeps rising, Barr said, hours before the company, owner of the Holiday Inn and Crowne Plaza brands, reported a 33 percent rise in third-quarter operating profit in London.
IHG attributed the results, at the top end of market expectations, to strong growth in China and the United States where it benefited from the relaunch of the Holiday Inn brand.
The hotelier's global revenue per available room, a key industry measure known as RevPAR, rose 6.4 percent in the third quarter, including a 2.8 percent room rate growth. China led with a 10.8 percent RevPAR growth while the US saw 8 percent.
"The economic environment continues to be uncertain, but we remain confident in our future due to our resilient business model, robust balance sheet and powerful brand portfolio, combined with low medium-term supply growth in many markets," according to a statement by Richard Solomons, the group CEO.
"The great story is the demand side because look at all the hotels that are being built and yet they still continue to perform well in China," Keith Barr, CEO of IHG China, said in an interview in Shanghai. "It's basically underlying demand creation that's coming from within China."
Three out of four travelers staying in its hotels are from China and that number keeps rising, Barr said, hours before the company, owner of the Holiday Inn and Crowne Plaza brands, reported a 33 percent rise in third-quarter operating profit in London.
IHG attributed the results, at the top end of market expectations, to strong growth in China and the United States where it benefited from the relaunch of the Holiday Inn brand.
The hotelier's global revenue per available room, a key industry measure known as RevPAR, rose 6.4 percent in the third quarter, including a 2.8 percent room rate growth. China led with a 10.8 percent RevPAR growth while the US saw 8 percent.
"The economic environment continues to be uncertain, but we remain confident in our future due to our resilient business model, robust balance sheet and powerful brand portfolio, combined with low medium-term supply growth in many markets," according to a statement by Richard Solomons, the group CEO.
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