IHG Returns to Profitability After Dropping Laggard Hotels
Photo Credit: IHG finalized a review of its Holiday Inn and Crowne Plaza portfolio in 2021 (pictured: the Holiday Inn Belfast City Centre). IHG Hotels & Resorts
Skift Take
Last year was a rebuilding one for IHG, as the company trimmed off underperforming Holiday Inn and Crowne Plaza hotels from its portfolio.
IHG Hotels & Resorts is back in the black after completing an initiative to remove underperforming hotels from its global network.
The company behind brands like Holiday Inn and InterContinental reported Tuesday a $494 million profit for 2021, up from the $153 million loss it posted the year prior. While IHG may have returned to profitability, it had a slight step back in size: The company shrank its overall guest room count by 0.6 percent after removing nearly 50,000 rooms from its system.
A bulk of the room deletions were tied to a previously announced plan to cut underperforming Holiday Inn and Crowne Plaza hotels from the IHG portfolio.
“We made important progress in 2021 on multiple fronts that will ensure we emerge from this period a stronger company,” IHG CEO Keith Barr said on an investor call Tuesday. “We've continued to invest in th
