InterContinental sees 'good start' to year, chief executive steps down

InterContinental Hotels Group’s chief executive is to step down after more than 30 years with the company, it was announced on Friday.

IHG said Keith Barr, who was appointed chief executive in July 2017, will leave at the end of June to return to his native US.

He will be replaced by Elie Maalouf, who has led IHG’s Americas business as regional chief executive for the last eight years.

The update came as IHG posted a jump in first-quarter revenues. Revenue per available room, a standard industry measure, rose 33% in the three months to March end, with occupancy up 10.4 percentage points. The average daily rate was up 10% compared to 2019 and 11% on 2022.

The blue chip said it had been a "good start" to the year, with strong trading in the Americas and EMEAA, as well as an "excellent rebound in demand" as Covid restrictions in China were lifted.

A total of 8,000 rooms were opened during the quarter across 45 hotels.

Barr, 52, said: "While comparatives to 2022 get tougher from the second quarter onwards and there are ongoing economic uncertainties, IHG has continued to prove the resilience of its business model and we remain confident about the strong tailwinds for the attractive, long-term sustainable growth and value creation."

Commenting on his imminent departure, he added: "I feel incredibly privileged to have spent three decades as part of IHG.

"After a long time living abroad, now is the right time for me and my family to return to the US. I am proud of the strong position that IHG is in today, thanks to the investments we have made to transform every aspect of our business."