Few InterContinental concerns over Brexit

Few InterContinental concerns over Brexit IHG chief executive Richard Solomons was speaking in London earlier

InterContinental Hotels Group chief executive Richard Solomons has allayed fears Britain’s decision to leave the European Union could negatively impact on the company.

Although based in the UK, Solomons reiterated IHG was a global company, with operations in more than 100 countries around the world.

As a result the issue was “not a massive materiality” to the hotel giant, he said in London earlier.

InterContinental - which controls the Holiday Inn, Crowne Plaza and Kimpton brands among others – makes the majority of its income from the United States and North America, with just five per cent of revenues coming from the UK.

As such, the impact on the company is expected to be “minimal”, Solomons added.

Much more important was the growth of the Chinese market, where IHG is expanding quickly, he explained. 

The IHG chief added he expected to see a small increase in British travellers opting to holiday in the UK as a result of the falling value of sterling, so-called ‘staycations’.

In the longer-term, Solomons said the UK might see an increase in inbound travel as prices fall in line with the depreciating value of the British currency.

It was, however, too early for firm conclusions he cautioned.