InterContinental Hotels Group PLC (NYSE:IHG) Q2 2023 Earnings Conference Call August 8, 2023 4:30 AM ET
Company Participants
Stuart Ford - Vice President & Head of Investor Relations
Elie Maalouf - Group Chief Executive Officer
Michael Glover - Chief Financial Officer
Conference Call Participants
Jamie Rollo - Morgan Stanle
Vicki Stern - Barclays
Jaina Mistry - Jefferies
Jarrod Castle - UBS
Richard Clarke - Bernstein
Jaafar Mestari - BNP Paribas
Tim Barrett - Numis
Leo Carrington - Citi
Alex Brignall - Redburn
André Juillard - Deutsche Bank
Ali Naqvi - HSBC
Stuart Ford
Good morning, everyone, and welcome to IHG's Conference Call for the 2023 Half Year Results. So I'm Stuart Ford, Head of Investor Relations at IHG and I'm joined this morning by Elie Maalouf, our Group Chief Executive; and Michael Glover, our Chief Financial Officer.
Just to remind listeners on the call that in discussions today the company may make certain forward-looking statements as defined under US law. Do please refer to this morning's announcement and the company's SEC filings for factors that could lead actual results to differ materially from those expressed in or implied by any such forward-looking statements.
For those analysts or institutional investors who are listening via our website can I remind you that in order to ask questions, you will need to dial in using the details on page two of this morning's RNS release. The release together with the accompanying presentation and the usual supplementary data pack can be downloaded from the Results and Presentations section under the Investors tab on ihgplc.com.
[Technical Difficulty]
Elie Maalouf
…..business for the past eight years. I'm honored to take over as Group CEO and excited to look ahead with our talented teams and owners to an important next chapter growth for IHG. In a moment, Michael will talk you through our financials for the half. But first let me share some key lights.
We had a strong first half across our financial results hotel openings and signings, which were all significantly above last year. Trading continues to be very healthy. RevPAR improved year-on-year across all our markets and has now exceeded 2019 pre-pandemic peaks for four consecutive quarters. H1 global RevPAR was up 24% year-on-year and up 8.7% versus 2019. Q2 RevPAR was up 17% year-on-year and up 9.9% versus 2019.
Looking at system size our gross growth was 6.3% and net growth was 4.8%. We opened 108 hotels, 40% more rooms than H1 last year and we signed 239 hotels that's 11% more rooms than last year. We continued to successfully capture conversion opportunities which represented around 40% of signings and openings.