REPORTABLE SEGMENTS1: Reported Underlying1
2022 2021 % change2 % change
Revenue1 $840m $565m +49% +53%
Revenue from fee business1 $664m $505m +31% +33%
Operating profit1 $377m $188m +101% +91%
Fee margin1 55.9% 44.1% +11.8%pts
Adjusted EPS1 121.7¢ 40.4¢ +201%
Total revenue $1,794m $1,179m +52%
Operating profit $361m $138m +162%
Basic EPS 117.4¢ 26.2¢ +348%
Interim dividend per share 43.9¢ – ¢ NM
Net debt1 $1,718m $2,458m (30)%


  • $11.7bn total gross revenue1 +48% vs 2021, (14)% vs 2019
  • +51% global H1 RevPAR1 vs 2021, (10.5)% vs 2019
  • +44% global Q2 RevPAR1 vs 2021, (4.5)% vs 2019

1 Definitions for non-GAAP measures can be found in the ‘Use of key performance measures and non-GAAP measures’ section, along with reconciliations of these measures to the most directly comparable line items within the Financial Statements.
2 Percentage change shown unless not meaningful, such as where a positive balance in the latest period is comparable to a negative or zero balance in the prior period.

  • Further significant improvement in trading: Americas Q2 RevPAR vs 2019 +3.5%, strong sequential improvement also in EMEAA to (10.3)%; Greater China (48.9)% due to localised travel restrictions
  • H1 average daily rate +24% vs 2021, up +4% vs 2019; occupancy +10%pts vs 2021, (10)%pts vs 2019
  • Gross system growth +4.8% YOY, net +3.0% YOY (adjusted for Holiday Inn and Crowne Plaza removals in H2 2021, and the impact of exiting Russia in H1 2022)
  • Opened 14.9k rooms (96 hotels) in H1; global estate now at 883k rooms (6,028 hotels)
  • Signed 30.7k rooms (210 hotels) in H1; global pipeline now at 278k rooms (1,858 hotels)
  • Luxury & Lifestyle portfolio now 445 hotels, 12% of system size; a further 287 hotels represent 19% of group pipeline
  • IHG One Rewards transforms our loyalty programme; further developments to enhance our digital advantage
  • Operating profit from reportable segments of $377m, +101% vs 2021, (down (8)% vs 2019); reported operating profit of $361m, after System Fund result of $3m and operating exceptionals of $(19)m
  • Net cash from operating activities of $175m (2021: $173m), with adjusted free cash flow1 of $142m (2021: $147m); net debt reduction of $163m since start of the year includes $227m of net foreign exchange benefit
  • Trailing 12-month adjusted EBITDA1 of $812m, +78% on a year earlier; net debt:adjusted EBITDA reduced to 2.1x
  • Resumption of interim dividend at 43.9¢, +10% on prior interim payment in 2019
  • Additional $500m of surplus capital to be returned via new share buyback programme

Keith Barr, Chief Executive Officer, IHG Hotels & Resorts, said:

“We saw continued strong trading in the first half of 2022 with increased demand for travel in most of our markets. This brought group RevPAR very close to pre-pandemic levels in the second quarter. Alongside leisure stays, the return of business and group travel demand continued to build over the period, and our hotels are seeing increased pricing power due to the strength of IHG’s brands, loyalty programme and technology platform.

The recovery in demand and pricing led to group profit more than doubling versus 2021, with profitability in the Americas now ahead of 2019. The EMEAA region also saw excellent improvement in performance. Whilst Greater China had a tough period as Covid-related travel restrictions were tightened, we have since seen a strong recovery in the most recent months, although risk of further volatility in trading in the region still remains.

Our overall performance reflects a continued focus to build a stronger business for our guests and owners. We have significantly enhanced and expanded our brand portfolio in recent years, and invested in our enterprise platform to drive performance and accelerate our growth. The investments we have made to innovate our technology and distribution channels continue to drive improvements in both the guest experience and owner returns. Some of the biggest achievements this year include the critical step of transforming our loyalty programme, IHG One Rewards, and the redesign of our mobile app and digital channels to deliver a faster, simpler booking experience.

We opened almost 100 hotels in the half, passing the 6,000 milestone globally, and signed more than 200 properties to take our pipeline to 1,858, representing over 30% of today’s system size. We continue to see growing interest in conversion opportunities which represented more than a quarter of openings in the period. This illustrates the increasing appeal to hotel owners of accessing IHG’s brands and the significant scale and demand delivery capability of our enterprise platform.

IHG’s clear strategy over the last five years has seen us emerge from the pandemic a stronger and more resilient company, delivering on key priorities and progressing our ambitious 2030 Journey to Tomorrow responsible business commitments. Whilst the economic outlook faces uncertainties as central banks and governments take action to manage inflation, we remain confident in our business model and the attractive industry fundamentals that will drive long-term sustainable growth. Having reinstated a final dividend in respect of 2021 six months ago, the strong performance seen in 2022 to date, together with the confidence we have in continued progress, has led us to reintroduce an interim dividend at a level 10% higher than when last paid and launch an initial $500m share buyback.”

Download the full announcement of our 2022 interim results here.