Still room for growth at hotel operator
Holiday Inn brand owner reports revenue of £2.2bn
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INTERCONTINENTAL Hotels Group said yesterday that growth in revenue of 3.5% per available room in the first quarter of 2008 was solid given the adverse impact of the timing of Easter.
Chief executive Andrew Cosslett said IHG had increased its number of rooms during the period by 5,200, and now had more than 590,000 guest rooms in nearly 100 countries.
He added: “Even in a less certain economic environment our broad market coverage, strong brands and resilient fee-based business model position us well for continued growth.”
IHG, whose brands include InterContinental Hotels and Resorts, Crowne Plaza Hotels and Resorts, Holiday Inn Hotels and Resorts, and Holiday Inn Express, owns, manages, leases or franchises more than 3,980 hotels around the world.
It reported yesterday gross revenue from all hotels in its system of £2.2billion for the first quarter, up 10% on a year earlier.
IHG added that operating profits for the period were up 38% at £62million.
