Friday, 12 August 2011

Profits up for InterContinental Hotels Group

There has been good news for global chain InterContinental Hotels Group as they have reported a profit rise of 17% this week.

The growth has been attributed to strong demands in growing markets such as China and India and low supply. Richard Solomans, Cheif Executive for IHG said that despite the good news, there is reason for caution as some hotels have performed poorly in areas such as Japan, Bahrain and Egypt due to natural disasters and civil unrest.

The statistics show that revenue for InterContinental Hotels Group to be at $850 million with profits reaching $269 million. Figures have been bolstered by the groups midrange offerings, particularly Holiday Inn brands which have in excess of 300,000 rooms worldwide together with renovating 100,000 of its older rooms since 2008.