Profits soar at Intercontinental Hotels
InterContinental Hotels Group (IHG) has seen a 23 per cent increase in half-year operating profit as trading conditions continue to improve.
The company saw its profit for the six months to June 30th increase to $269m from $219m in the same period last year.
Revenue was up ten per cent, from $772m to $850m.
IHG also cut debt from $1.01 billion to $818 million over the period.
Richard Solomons, chief executive of IHG, said: “In the first half we delivered a strong performance across each of our regions, driven both by increased occupancy from business and leisure travellers as well as progressive rate improvement.”
Global revenue per available room (RevPAR) at IHG grew 6.7 per cent, with Greater China up 12.7 per cent and the United States up 8.2 per cent, where the Holiday Inn relaunch delivered sustained out-performance.
“We continue to support our owners, driving guests to our hotels through the most efficient channels,” added Solomons.
“Our industry leading developments in mobile booking sites and apps are now generating over $10 million of revenue a month and we expect this to grow quickly as consumer booking preferences evolve.”
Total gross revenue from hotels rose nine per cent to $9.6 billion over the period.
IHG operates the InterContinental Hotels & Resorts, Hotel Indigo, Crowne Plaza, Holiday Inn, Staybridge Suites and Candlewood Suites brands.