Travel demand was strong across all of its markets, reflecting a boom in post-COVID tourism activity that has boosted the broader hospitality sector. The hotel chain reported a 16% jump versus the previous year in annual revenue per available room, or RevPAR — a key measure of top-line performance. The gauge was 11% above a peak reached in 2019, prior to a COVID-induced slowdown in travel activity.

“The travel industry has attractive, long-term drivers of demand, and the strength of our brand portfolio and enterprise platform will continue to boost our RevPAR and system size growth,” said Chief Executive Officer Elie Maalouf, who took over at the helm of the firm last July, in a statement.

IHG also announced that it will launch a new $800 million share buyback program and targeted total stakeholder returns of more than $1 billion this year.