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InterContinental profits double on hotel demand

InterContinental Hotels Group said that net profits more than doubled to $154m during the group's first quarter.

The increase was driven by growth at its Chinese and US operations.

IHG, which owns the InterContinental, Crowne Plaza and Holiday Inn chains, said in a statement that its profit after tax for the three months to March 31 compared with net earnings of $69m in the first quarter of 2011.

The world's largest hotels operator by number of rooms reported a 3% increase in revenues to $409m and said that global revenue per available room - a key industry measure - climbed 7%.

"We have delivered strong performance in the quarter with continued outperformance in the US and Greater China," chief executive Richard Solomons said in the earnings statement.

"The global economic backdrop, particularly in Europe, is still challenging, but the considerable strengths of our business including our resilient model and strong balance sheet give us confidence that we will continue to drive high quality growth," he added.