Today’s news in brief – 20/10/23
InterContinental Hotels Group (IHG) experienced a robust third quarter in terms of revenue per available room (RevPAR), which increased by 10.5% compared to the prior year. Notably, the RevPAR was up by 15.9% in the EMEAA region, 4.1% in the Americas, and a substantial 43.2% in Greater China. Comparing the figures to 2019, IHG’s RevPAR was up by 12.8%, with impressive growth across its regions. The average daily rate also saw a 4.1% increase year on year and a substantial 14.8% surge compared to 2019. Occupancy improved by 4.1% from 2022 but fell by 1.3% compared to 2019. IHG opened nearly 8,000 rooms across 50 hotels during the quarter and added almost 17,000 rooms to its pipeline across 123 properties. Overall, IHG’s performance reflects the enduring strength of travel demand during the quarter.
Octopi Property has enlisted Silverstone, a national firm of chartered building surveyors and project managers, to oversee the construction of a new, eco-friendly hotel named Cliffemount at Runswick Bay in North Yorkshire. The sustainable development will involve demolishing an existing hotel and building a new, high-spec facility designed for energy efficiency. The building aims to achieve Passivhaus accreditation, a benchmark for energy efficiency, which would make it the first of its kind in the UK. Construction is scheduled to begin in late Spring 2024, subject to planning consent. This project reflects a commitment to environmental responsibility and the local community.
Holehird Mansion and Stables Cottage, owned by The Holehird Trust, have been put on the market for £1.75 million. The Grade II listed Holehird Mansion offers extensive accommodation over two floors, along with garages and parking. The Stables Cottage features nine bedrooms, shared bathrooms, and kitchen facilities. Both properties require full renovation and are open to alternative uses, subject to planning. Situated north of Windermere, Holehird Mansion offers picturesque views of the lake and surrounding landscape, near Holehird Gardens. The sale represents an opportunity to invest in this historic Lakeland property and restore it, while supporting the charity’s mission.
