IHG, which includes brands such as Holiday Inn, Crowne Plaza and InterContinental, said it had agreed deals to add another 16,000 rooms to its pipeline of new hotels during the third quarter of this year, which was its best quarter for signings since 2008. IHG also enjoyed a record-breaking quarter for opening new Holiday Inn rooms.

The company said that its rates went up by 3.6% for the period between July and September, compared to the same quarter last year. Revpar (revenue per available room) also increased by 4.8% due to higher occupancy levels.

IHG chief executive Richard Solomons said: “There is increasing momentum across our portfolio of preferred brands. Holiday Inn delivered a record level of room openings, and we are expanding our global luxury footprint, particularly in greater China.

“We continue to expand the presence of our newer brands, including our second franchise signing for Even hotels in the US, and five signings for our industry-leading boutique brands.”