InterContinental Hotels Group chief executive Keith Barr is to step down in June after more than 30 years with the company.
He will be succeeded at the Holiday Inn parent on July 1 by Elie Maalouf, who has led IHG’s Americas business as regional chief executive for eight years, and will be based in the UK.
Barr intends to return with his family to the US, the hotel giant said,
The leadership change was disclosed as IHG reported occupancy levels close to pre-pandemic levels in the first quarter of the year.
In a trading update, the company reported average daily rates were now 10% up on the same period in 2019.
Barr said: “We’ve seen a good start to the year, with continued strong trading in both the Americas and EMEAA [Europe, Middle East and Africa], and an excellent rebound in demand in Greater China since the lifting of travel restrictions.
“Leisure demand has remained buoyant, and there has been further return of business and group travel as expected.
“The guest appeal of our brands has continued to support pricing, with rate up 10% versus 2019 and occupancy now almost back to pre-Covid levels.”
More than 16,000 rooms across 108 hotels were signed into the development pipeline in the quarter, with a third of across IHG’s six luxury and lifestyle brands, as growth is accelerated in the segment.
Barr added: ”Whilst comparatives to 2022 get tougher from the second quarter onwards and there are ongoing economic uncertainties, IHG has continued to prove the resiliency of its business model and we remain confident about the strong tailwinds for attractive long-term, sustainable growth and value creation.
“We look forward to making additional progress over the course of 2023 in further evolving our brand portfolio, increasing repair [revenue per available room] and expanding our system size.”