IHG, the parent company of Holiday Inn, announced on Tuesday its plan to return over $1 billion to shareholders in 2024, following a highly successful 2023. The company reported annual room revenue and adjusted operating profit that exceeded $1 billion for the first time, surpassing expectations.

CEO Elie Maalouf outlined the company’s strategy, aiming for high single-digit growth in fee revenue by increasing revenue per room and expanding the number of hotels annually over the medium to long term.

In addition to these plans, IHG raised its final dividend by 10% to 104 cents and initiated a new $800 million share buyback program.

Maalouf expressed confidence in the travel industry’s long-term prospects, emphasizing the strength of IHG’s brand portfolio and enterprise platform in driving revenue per available room (RevPAR) and system size growth. He took over as CEO in July after leading IHG’s largest region, the Americas, for nearly a decade.

IHG reported a global RevPAR increase of 16.1% year-on-year, surpassing analysts’ average expectation of 15.7%.