Photo Credit: The exterior of Garner Vienna Prinz Eugen in Austria. IHG
UK-headquartered hotel group IHG said Thursday it is taking market share from rivals, with conversions now accounting for around half of its U.S. openings and 60% of signings, and most of these coming from other branded hotels rather than independents.
“Most of them are coming from other brands in the U.S. and around the world,” said CEO Elie Maalouf on the third-quarter trading update. “You can call it a flight to quality in these times, but we think we’re benefiting from it.”
Consensus now forecasts IHG’s room count will grow 4.8% this year, net of hotels leaving its brands. That is up from 4.2% previously. IHG affirmed its confidence in hitting that number on Thursday, and indicated the strong third quarter would push consensus modestly higher still.
“There are winners and losers in these times,” Maalouf said. “And we are definit