SECURITIES
AND EXCHANGE COMMISSION
Washington
DC 20549
FORM 6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 AND 15d-16
OF
THE
SECURITIES EXCHANGE ACT OF 1934
For 23
October 2025
InterContinental Hotels Group PLC
(Registrant's
name)
1
Windsor Dials, Arthur Road, Windsor, SL4 1RS, United
Kingdom
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form
20-F
Form 40-F
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EXHIBIT
INDEX
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99.1
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2025
Third Quarter Trading Update dated 23 October 2025
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Exhibit
No: 99.1
InterContinental Hotels Group PLC
2025 Third Quarter Trading Update
23 October 2025
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Global RevPAR +1.4% YTD,
after easing +0.1% in
Q3;
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another strong quarter of development activity, with openings up
+17% and signings up +18%;
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remain on track to meet full year consensus profit and earnings
expectations
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Highlights
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● YTD
global RevPAR +1.4%,
with Americas
+0.8%, EMEAA +3.8% and Greater China -2.6%
● Q3 global
RevPAR +0.1%, with Americas
-0.9%, EMEAA +2.8% and Greater China -1.8%
● Q3
global rooms revenue on a comparable basis comprised Business +4%,
offset by Leisure -2% and Groups -4%
● Q3 occupancy +0.4%pts
and average daily
rate
-0.4%
●
Gross system growth +7.2% YOY and net system growth +5.2%
adjusting for the impact of removing rooms previously affiliated
with The Venetian Resort Las Vegas (net growth +4.4% YOY
on a reported basis)
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Opened 14.5k rooms (99 hotels) in Q3, +17% YOY
excluding NOVUM conversions added to IHG's system
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Global system of 1,011k rooms
(6,845 hotels)
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Signed 22.6k rooms (170 hotels) in Q3, +18%
YOY
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Global pipeline of 342k rooms
(2,316 hotels), +4.7% YOY
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New premium collection brand to launch in the coming
months
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$700m of 2025's $900m share buyback programme completed to date,
reducing the share count by 3.9%
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On track to return over $1.1bn to shareholders in 2025 through
share repurchases and dividend payments
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Expect to finish 2025 in line with consensus profit and earnings
expectations, and in line with our growth algorithm
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Elie Maalouf, Chief Executive Officer, IHG Hotels & Resorts,
said:
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"We are pleased with our performance and the continued growth of
our brands to date in 2025, and we remain on track to meet full
year consensus profit and earnings expectations. As anticipated,
RevPAR growth in Q3 was similar to the prior quarter, with another
strong performance in EMEAA and further improvement in Greater
China, though the US continued to see slower trading conditions.
Overall, we continue to benefit from the power of our globally
diverse footprint.
Growing demand for our world class brands continues, with 2025 set
to be one of our biggest ever years for both openings and signings.
We opened 14.5k rooms across 99 hotels in the
quarter, up +17% year-on-year excluding the NOVUM conversions this
year and last, and we signed 22.6k rooms
across 170 properties, up +18%, with great progress in
all three regions. Recognising strong guest and owner interest in
the large and fast-growing premium segment, we are excited to
announce we will be bringing a new collection brand to market in
the coming months, positioned in upscale to upper upscale. This
will build on the well-established successes we've already
delivered with our other collection and conversion brands -
Vignette, voco and Garner.
Long-term structural drivers of both travel demand and supply
remain compelling, and while near-term macro-economic challenges
persist in some markets, others are showing improvement or
sustained growth. We continue to demonstrate IHG's ability to
capture demand across geographies, chain scales and stay occasions,
which forms the foundation of resilient strength in our business.
The power of our enterprise platform is clearly showing in 2025 and
drives our growth algorithm. This delivers compound earnings growth
by increasing fee revenues through the combination of RevPAR,
system expansion and ancillary fee streams, which, together with a
highly efficient cost base, helps to grow margins and, along with
our strong cash generation, allows us to reinvest in our business
and return surplus capital to shareholders. We remain confident in
a strong outcome for the year and further delivery
beyond."
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Regional performance
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Americas
Year-to-date, RevPAR has grown +0.8% for
the region
and +0.4% in the
US. Q3 RevPAR
was -0.9% for
the region and -1.6% in
the US. Q3 occupancy for the
region was down -0.3%pts to 71.8%, and rate was down
-0.5%. Q3 rooms revenue on
a comparable hotels basis, analysed by guest stay occasion, saw
Business ahead, but this was offset by a decline in Leisure, and
Groups was further behind compared with 2024 levels. Whilst the US
continued to see some slower trading conditions, we remain
confident for the return to growth in due course when economic
uncertainty further subsides and the travel industry's fundamental
tailwinds prevail.
Gross system growth was +3.6% YOY
and +2.3% YTD, with 2.7k rooms (28 hotels)
opened in the quarter. Excluding the impact of removing 7.1k rooms
that were previously affiliated to IHG's system with The Venetian
Resort Las Vegas, net system growth was +1.5% YOY and +0.5% YTD;
including the impact, the net system size change
was +0.2% YOY and -0.8% YTD. Signings
for 7.6k rooms (79 hotels) were added to the
pipeline in the quarter, an increase of +14% on last year. These
included 33 hotels signed across the Holiday Inn Brand Family, 16
across our extended stay brands and eight voco conversions. Garner,
our midscale conversion brand, also saw good further progress in
the quarter with another nine signings, with the brand now having
25 open and 49 pipeline hotels in the region. Conversions
represented over half of all rooms opened and signed in the
quarter.
EMEAA
We saw another quarter of strong demand for this diverse region. Q3
RevPAR was up +2.8%,
taking year-to-date growth
to +3.8%. Occupancy for the quarter was
up +1.6%pts to 75.3%, and rate up +0.6%. By
major geographic markets within the region, RevPAR ranged from
+0.1% in Continental Europe, where performances in Germany and
France had tough comparatives and a less beneficial events calendar
this year, to up +2.8% in the UK, +3.3% in East Asia & Pacific,
and +9.5% in the Middle East.
Gross system growth was +10.4% YOY
and +6.0% YTD, with 4.2k rooms (33 hotels)
opened in the quarter which represents an increase of +25% on the
same quarter last year when excluding the NOVUM conversions (1.2k
this year and 6.2k last year). Net system growth
was +9.1% YOY and +5.2% YTD. 2025 is on track
to be a record year of system growth for the region. Signings
for 7.1k rooms (45 hotels) were added to the
pipeline in the quarter, growth of +22% on last year. There were 12
hotels signed across our Luxury & Lifestyle brands, nine Crowne
Plaza and eight Holiday Inn signings, as well as five further
Garner properties as it develops across the region. Conversions
represented over 60% of all room openings and approaching 40% of
room signings in the quarter.
Greater China
RevPAR was -1.8% lower
in Q3, a further sequential improvement on -3.0% in the previous
quarter and compares to -4.8% for FY 2024. Occupancy for the
quarter was up
+0.6%pts to 64.4%, while rate was
down
-2.7%. Tier 1 cities saw RevPAR
-1.2%, whilst Tier 2-4 cities at -3.9% were further impacted by
increased international outbound leisure trips. We continue to
remain encouraged by the breadth and strength of the region's
economic growth, and the attractive long-term secular growth
drivers, which are also fuelling excellent levels of hotel
development activity for IHG in the region.
Gross system growth was +12.8% YOY
and +9.2% YTD, with 7.6k rooms (38 hotels)
opened in the quarter, an increase of almost +40% on the same
quarter last year. Net system growth was +9.8% YOY
and +7.3% YTD. Signings for 7.9k rooms
(46 hotels) were added to the pipeline, an increase of almost
+20% on last year, and included 17 Holiday Inn Express and 16
Holiday Inn properties. There were also six voco signings, with
conversions representing around 40% of all rooms opened and signed
in the quarter.
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Launch of new collection brand
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To meet growing guest and owner demand, IHG will launch a new
collection brand within the large, fast-growing premium segment in
the coming months, positioned in upscale to upper upscale. The new
brand will initially focus on our EMEAA region where there is a
significant proportion of high-quality hotels with their own unique
identity, and where a collection brand will expand our offer for
guests and allow more owners to benefit from our enterprise
platform. The brand will complement our versatile premium
conversion brand, voco, which has already reached 225 open and
pipeline hotels across more than 30 countries since its launch in
2018. It will also look to replicate the success of Vignette
Collection, launched in 2021, which is positioned higher in the
Luxury & Lifestyle category and already tracking ahead of its
goal to reach 100 hotels in a decade, currently with 27 open and a
further 41 pipeline properties.
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Share buyback progress
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As announced in February, a $900m share buyback programme is
returning surplus capital to shareholders in 2025. This follows the
$800m programme in 2024, $750m in 2023 and the $500m programme
announced in 2022, which already reduced the total number of voting
rights in the Company by 4.6%, 6.1% and 5.0%, respectively. The
2025 programme is 78% complete with $700m (£530m) having been
cumulatively spent to date, repurchasing 6.1 million shares. The
2025 programme to date has therefore reduced the total number of
voting rights in the Company by a further 3.9% to 152.4 million as
at market close on Wednesday 22 October 2025.
The $900m share buyback programme together with approximately $270m
of ordinary dividend payments will have returned around $1,170m in
total to shareholders in 2025. This is equivalent to 5.9% of IHG's
$19.8bn (£15.8bn) market capitalisation at the start of 2025,
and 6.2% of IHG's most recent $19.0bn (£14.2bn) market
capitalisation.
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Financing update
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In September 2025, the Group issued a €850m bond at a coupon
of 3.375%, repayable in September 2030. Currency swaps were
transacted at the same time as issuance in order to convert the
proceeds and interest flows to US Dollars. This fixed the bond debt
at $990m, with interest payable semi-annually of
4.87%.
In August 2025 a £300m bond matured, with future maturities in
August 2026 (£350m), May 2027 (€500m), October 2028
(£400m), November 2029 (€600m), September 2030
(€850m) and September 2031 (€750m). After currency
swaps, the Group now has a total of $4.1bn bonds outstanding, with
a blended borrowing cost of approximately 4.3%.
As set out at the time of IHG's half year results in August 2025,
after completing this year's buyback programme to return $900m of
surplus capital to shareholders, and based on analyst consensus,
leverage at the end of 2025 is expected to be around the middle of
our net debt:adjusted EBITDA target range of 2.5-3.0x.
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Change in trading currency of IHG's Ordinary Shares to US
Dollars
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IHG intends to change the currency in which its Ordinary Shares are
traded on the London Stock Exchange from British Pounds (GBP) to US
Dollars (USD). This change has recently become possible whilst
maintaining FTSE index inclusion, following updates to the FTSE UK
Index Series Ground Rules administered by the FTSE Russell
Group.
IHG has reported its financial results in USD for the past 17
years. Changing its share price currency to match its reporting
currency will help reduce the translational impact of exchange rate
fluctuations on the share price, therefore better aligning the
share price to financial performance, and simplifying the
investment appraisal of IHG.
The change does not impact the nominal currency of IHG's shares,
which will remain in GBP. The change does not impact IHG's London
listing in any other way, and has no impact on IHG's ADR listing in
New York.
For the benefit of UK-based private individual registered
shareholders in IHG, dividend payments will still be made in GBP.
Registered shareholders will be able to make an election to IHG's
share registrar, Equiniti, if they wish to instead receive their
dividend payments in USD. Furthermore, for UK-based private
individual registered shareholders who do not have a USD bank
account or access to a multi-currency share dealing service,
Equiniti will convert the proceeds from any future sale of shares
to GBP at the prevailing rate on the settlement date.
IHG is working with Equiniti and other partners with the intention
of enabling the change from the start of January 2026.
Notifications will be sent to the London Stock Exchange, the FTSE
Russell Group (for index calculation purposes) and the FCA in due
course, and a further announcement to confirm the change will also
be made nearer to the time.
For further information, please contact:
Investor
Relations: Stuart
Ford (+44 (0)7823 828 739); Kate Carpenter (+44 (0)7825 655 702);
Joe Simpson (+44 (0)7976 862 072)
Media Relations: Neil
Maidment (+44 (0)7970 668 250); Mike Ward (+44 (0)7795 257
407)
Conference call for analysts and institutional
investors:
Elie Maalouf, Chief Executive Officer, and Michael Glover, Chief
Financial Officer, will host a conference call at 9:30am (London
time) today, 23 October 2025. A listen-only audio webcast can be
accessed at https://www.investis-live.com/ihg/68b19914b0ed20000fddc262/hruna or
via www.ihgplc.com/en/investors/results-and-presentations.
Analysts and institutional investors wishing to ask questions
should use the following dial-in details for a Q&A
facility:
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UK:
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020 3936 2999
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US:
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646 233 4753
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Other
international numbers:
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Click here
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Passcode:
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720082
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An archived replay is expected to be available within 24 hours and
will remain available, accessed at www.ihgplc.com/en/investors/results-and-presentations.
Website:
The full release and supplementary data will be available
on www.ihgplc.com/en/investors/results-and-presentations from
7:00am (London time) on 23 October 2025.
About IHG Hotels & Resorts:
IHG Hotels & Resorts (tickers:
LON:IHG for Ordinary Shares; NYSE:IHG for ADRs) is a global
hospitality company, with a purpose to provide True Hospitality for
Good.
With a family of 20 hotel brands and IHG
One Rewards,
one of the world's largest hotel loyalty programmes with over 145
million members, IHG has more than one million rooms across 6,800
open hotels in over 100 countries, and a development pipeline of
more than 2,300 properties.
-
Luxury & Lifestyle: Six
Senses, Regent
Hotels & Resorts, InterContinental
Hotels & Resorts, Vignette
Collection, Kimpton
Hotels & Restaurants, Hotel
Indigo
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Premium: voco
hotels, Ruby, HUALUXE
Hotels & Resorts, Crowne
Plaza Hotels
& Resorts, EVEN
Hotels
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Essentials: Holiday
Inn Express, Holiday
Inn Hotels & Resorts, Garner
hotels, avid
hotels
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Suites: Atwell
Suites, Staybridge
Suites, Holiday
Inn Club Vacations, Candlewood
Suites
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Exclusive Partners: Iberostar
Beachfront Resorts
InterContinental Hotels Group PLC is the Group's holding company
and is incorporated and registered in England and Wales.
Approximately 385,000 people work across IHG's hotels and corporate
offices globally.
Visit us online for more about our hotels
and reservations and IHG
One Rewards.
To download the IHG One Rewards app, visit the Apple
App or Google
Play stores.
For our latest news, visit our Newsroom and
follow us on LinkedIn.
Appendix 1: RevPARa movement
summary at constant exchange rates (CER)
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Q3 2025 vs 2024
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Q3 YTD 2025 vs 2024
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RevPAR
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ADR
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Occupancy
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RevPAR
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ADR
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Occupancy
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Global
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+0.1%
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-0.4%
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+0.4%pts
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+1.4%
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+0.8%
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+0.4%pts
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Americas
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-0.9%
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-0.5%
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-0.3%pts
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+0.8%
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+0.7%
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+0.1%pts
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EMEAA
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+2.8%
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+0.6%
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+1.6%pts
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+3.8%
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+2.1%
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+1.2%pts
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Greater
China
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-1.8%
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-2.7%
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+0.6%pts
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-2.6%
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-3.3%
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+0.4%pts
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Appendix 2: RevPARa movement
at CER vs actual exchange rates (AER)
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Q3 2025 vs 2024
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Q3 YTD 2025 vs 2024
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CER (as above)
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AER
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Difference
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CER (as above)
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AER
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Difference
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Global
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+0.1%
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+1.1%
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+1.0%pts
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+1.4%
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+1.7%
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+0.3%pts
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Americas
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-0.9%
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-0.9%
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0.0%pts
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+0.8%
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+0.4%
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-0.4%pts
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EMEAA
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+2.8%
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+5.7%
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+2.9%pts
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+3.8%
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+5.5%
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+1.7%pts
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Greater
China
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-1.8%
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-1.5%
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+0.3%pts
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-2.6%
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-2.7%
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-0.1%pts
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Appendix 3: System and pipeline summary of Q3 2025 YTD and YOY
growths, and closing positions (rooms)
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System
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Pipeline
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Openings
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Removalsb
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Net
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Total
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YTD%
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YOY%
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YTD%
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YOY%
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Signings
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Total
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Reported
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Reported
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Adjustedb
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Adjustedb
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Global
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45,872
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(22,241)
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23,631
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1,010,756
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+2.4%
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+4.4%
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+3.1%
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+5.2%
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73,730
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341,758
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Americas
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12,095
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(16,464)
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(4,369)
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523,625
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-0.8%
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+0.2%
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+0.5%
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+1.5%
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17,114
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109,145
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EMEAA
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16,095
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(2,189)
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13,906
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280,380
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+5.2%
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+9.1%
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+5.2%
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+9.1%
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31,943
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115,228
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Greater China
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17,682
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(3,588)
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14,094
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206,751
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+7.3%
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+9.8%
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+7.3%
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+9.8%
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24,673
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117,385
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a. RevPAR
(revenue per available room), ADR (average daily rate) and
occupancy are on a comparable basis, based on comparability as at
30 September 2025 and includes hotels that have traded in all
months in both the current and the prior year. The principal
exclusions in deriving these measures are new openings, properties
under major refurbishments and removals. See 'Use of key
performance measures and non-GAAP measures' in IHG's full year and
half year results announcements for further information on the
definitions.
b. Removals
include 7,092 rooms previously affiliated with The Venetian Resort
Las Vegas which exited IHG's system in January 2025. The adjusted
measures of YTD system growth and YOY system growth are presented
for the Americas region and globally to show the impact of if these
rooms had been excluded from the comparable opening
position.
Cautionary note regarding forward-looking statements:
This announcement contains certain forward-looking statements as
defined under United States law (Section 21E of the Securities
Exchange Act of 1934) and otherwise. These forward-looking
statements can be identified by the fact that they do not relate
only to historical or current facts. Forward-looking statements
often use words such as 'anticipate', 'target', 'expect',
'estimate', 'intend', 'plan', 'goal', 'believe' or other words of
similar meaning. These statements are based on assumptions and
assessments made by InterContinental Hotels Group PLC's management
in light of their experience and their perception of historical
trends, current conditions, expected future developments and other
factors they believe to be appropriate. By their nature,
forward-looking statements are inherently predictive, speculative
and involve risk and uncertainty. There are a number of factors
that could cause actual results and developments to differ
materially from those expressed in, or implied by, such
forward-looking statements. The main factors that could affect the
business and the financial results are described in the 'Risk
Factors' section in the current InterContinental Hotels Group PLC's
Annual report and Form 20-F filed with the United States Securities
and Exchange Commission.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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InterContinental Hotels Group PLC
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(Registrant)
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By:
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/s/
C. Bates
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Name:
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C.
BATES
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Title:
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SENIOR
ASSISTANT COMPANY SECRETARY
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Date:
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23
October 2025
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