The company reported a 2% year-over-year increase in systemwide business transient room nights, with demand expected to continue to grow through 2025
Oct 25, 2024
Overall, systemwide average daily rate and revenue per available room increased year-over-year in the third quarter despite a slight decline in occupancy. Notably, IHG’s Americas region reported a 3 percent year-over-year increase in revenue per available room for business travelers.
Key takeaways
- During an earnings call on Tuesday, IHG CFO Michael Glover noted, “The underlying economy is performing well. We are seeing strong demand in our 2025 corporate rate negotiations. Most corporate customers are planning to increase travel, spend more on tradeshows and events, and increase customer outreach while continuing to engage with employees.” He noted that many companies have not fully implemented return to office policies;
- Glover also mentioned that small and midsize business travel is up 8 percent year-to-date and shows no signs of slowing down. “Bookings for groups and meetings for all future periods are 25 percent higher than this time last year.”
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