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InterContinental Hotels' (IHG) CFO Paul Edgecliffe-Johnson on Q1 2018 Results - Earnings Call Transcript

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InterContinental Hotels Group PLC (NYSE:IHG) Q1 2018 Earnings Conference Call May 4, 2018 9:00 AM ET


Catherine Dolton - Head of Investor Relations

Paul Edgecliffe-Johnson - Chief Financial Officer


Ladies and gentlemen, welcome to the IHG Quarter 1 Results. [Operator Instructions]

I will now hand you over to our host, Catherine Dolton, to begin. Catherine, your line is open. Please go ahead.

Catherine Dolton

Thank you. Good morning, everyone. This is Catherine Dolton, Head of Investor Relations at IHG. I’m joined this morning by Paul Edgecliffe-Johnson, Chief Financial Officer. Before I hand over to Paul for the discussion of our Q1 results, I need to remind you that in the following discussion, the company may make certain forward-looking statements as defined under U.S. law. Please check this morning’s press release and accompanied SEC filings for factors that could lead actual results to differ materially from any such forward-looking statements.

I will now turn the call over to Paul.

Paul Edgecliffe-Johnson

Thanks, Catherine. Good morning, everyone, and thank you for joining us today. I’ll begin with some highlights in the period before covering each of our regions in turn, and then I’ll open up the call to questions.

Now the strong start to 2018 with RevPAR up 3.5%, net rooms growth of 4.3% year-on-year, bring our total system size to 800,000 rooms. We added 8,000 rooms to our system, up 16% year-on-year, which included a record first quarter in Greater China. At the same time, we remained focused on removing underperforming hotels, exiting 6,000 rooms. Whilst these removals were lower than in the first quarter of 2017, we continued to expect 2018 to be towards the top about 2% to 3% range for the full year, before trending back down again the low end of the range over the medium term.

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