11:09 AM EDT, 05/03/2024 (MT Newswires) -- Intercontinental Hotels Group ( IHG ) reported Friday a 2.6% rise in first-quarter global revenue per available room from the same period a year earlier.

The hotel chain said there was a slight slowdown in the Americas where sales decrease 0.3%, due to "some adverse calendar timing." Easter timing dampened late March demand, especially for business travel, but higher April demand led to US revenue per available room outpacing last year over the last 8 weeks.

Europe, the Middle East, Asia & Africa, showed an impressive performance, increasing by almost 9%. Greater China experienced a growth of 2.5% and is expected to "continue to benefit from returning international inbound travel this year."

Global occupancy reached 62%, with the average daily rate rising by an additional 2%. This increase reflects robust pricing, signaling the complete return of leisure, business, and group travel.

In April, the hotel chain signed an agreement with NOVUM Hospitality in Germany, which is expected to add 119 hotels, adding up to 17,700 rooms to its portfolio.

Shares of Intercontinental Hotels Group ( IHG ) were down 2.2% in recent Friday trading.

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