News about Elie Maalouf

After the Holiday Inn owner's revenues hit $1 billion (£794 million) last year, Internal Hotels Group is planning massive shareholder payouts for 2024. Investors were told on Tuesday that the FTSE 100-listed company expects to return more than $1 billion (£794 million) to shareholders in 2024 as it started payouts with a new $800 million share buyback program.

Despite the fact that 'financing difficulties' hindered the ability to open new hotels, Internal Hotels Group (IHG) expects to close 2023 with 'good' financial results. The FTSE 100-listed Holiday-Inn owner's revenue per available room (RevPAR) - a key performance metric for the hotel industry, increased 10.5 percent in the third quarter over the previous year.

After revenues were boosted by the reopening of the Chinese economy, Intercontinental Hotels Group (IHG) reported'very healthy' demand in the first half. The Holiday Inn and Crowne Plaza owner's global hotel room sales (RevPAR), a key profitability measure in the industry, soared by 24 percent year on year, taking total group sales to more than $2.2 billion (£1.7 billion).

Keith Barr, 52, who took up the top role in 2017, was fired as a result of a string of good quarterly results at the hotel chain. The owner of Holiday Inn and Crowne Plaza said it profited from China's lifting of pandemic restrictions, and was able to raise hotel rates by more than 10%.