IHG has reported a record year in 2007 with strong global performance and excellent growth for all brands across all regions.
Globally, the RevPAR (revenue per available room) growth was 7% and the total gross revenue from all IHG hotels was US$18 billion, up 14%. The Asia Pacific region performed exceptionally, yielding 27% year-on-year growth in continuing revenues from US$204 million to US$260 million, and RevPAR increase at 8.9%.
IHG Asia Pacific grew new signings at a record pace in 2007, adding nearly 100 new hotels to its regional pipeline, an average of one new hotel signed every four days. Seven in 10 signings were for hotels in Greater China, the region's fastest growing market.
In total, IHG now has 218 hotels in operation and 157 hotels in the development pipeline across Asia Pacific. Globally, IHG signed 873 new hotels in 2007, accounting for 125,533 rooms. The Group's global pipeline now stands at 1,674 hotels (225,872 rooms).
China is the fastest growing region for IHG in Asia Pacific. Of all hotel deals signed by international hotel companies in China, 47% are with IHG. "This success in an increasingly competitive market like China is particularly impressive, and shows the power of IHG's brands, local-language call centres, websites and Priority Club Rewards loyalty programme. We have a total pipeline of 107 hotels in Greater China, and we are on track to open our 125th hotel there by the end of this year," said Peter Gowers, chief executive, IHG Asia Pacific.
IHG also announced today the signing of five new hotels in key cities across Greater China in 2007. These include Crowne Plaza Century City Chengdu, expected to be the largest Crowne Plaza hotel in the world with 1,500 rooms; the entry of InterContinental Hotels & Resorts into Guangzhou and Suzhou, the introduction of Crowne Plaza Hotels & Resorts in Hong Kong, and the launch of Holiday Inn in Nanjing. These deals are all with different owners and are part of the 70 hotels (25,590 rooms) signed in Greater China last year.
With the Olympics approaching, IHG is set to be the non-domestic hotel company with the largest inventory of rooms in Beijing. The company expects to have 15 hotels operational before the Games open in August. InterContinental Beijing Beichen, the nearest luxury hotel from the National Stadium, and InterContinental Qingdao, the only hotel within the Qingdao Olympic Sailing Centre, have been designated as official Olympic hotels.
Japan is another core market for IHG and the company maintains its leadership position as the largest non-domestic operator there, with 41 hotels (more than 12,000 rooms) across the country. Eight hotels were successfully co-branded as ANA InterContinental and ANA Crowne Plaza in 2007 following the launch of IHG ANA Hotels Group Japan. Additionally, two ANA InterContinental resorts in Okinawa will be co-branded by 2009.
Gowers added: "IHG continues to expand our brands across the region and further strengthen our leadership position in key markets such as China and Japan. We plan to make our brands the first choice for guests which in turn will generate solid returns for our owners. At IHG, we strategically put the right hotel brands in the right locations and as a result our guests and hotel owners have shown increasing preference for our brands. We are thrilled with our 2007 regional full-year results, and we are well-positioned to deliver continued growth across the region."
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