Barr intends to return with his family to the US, with his final day at the helm of the company being 30 June, after which he will remain available to support and advise the business until the end of 2023.

It comes as IHG reported occupancy levels neared pre-pandemic figures in the three months to 31 March 2023. The company also reported average daily rates were now 10% up on the same period in 2019.

"We’ve seen a good start to the year, with continued strong trading in both the Americas and EMEA, and an excellent rebound in demand in Greater China since the lifting of travel restrictions," Barr said.

"Leisure demand has remained buoyant, and there has been further return of business and group travel as expected."

Barr will be succeeded by Elie Maalouf, a member of IHG’s board and executive committee, who has led IHG’s Americas business as regional chief executive for the past eight years.

Maalouf will take up the new position on 1 July and will be based in the UK to lead the business.

Barr continued: "I feel incredibly privileged to have spent three decades as part of IHG, working alongside the many talented colleagues that make it such a special company, and in partnership with our hotel owners who share our passion for hospitality.

"I have been lucky enough to experience this in multiple countries over the years and to have spent the last six as chief executive has been an honour."

Maalouf added: "I am extremely proud to be appointed chief executive of one of the world’s leading hotel companies and excited to work with our talented teams and owners around the world on what will be an important new chapter for IHG."