Profits Rise At Intercontinental Hotel Group
Published on Feb 19 2014 3:35 PM in Hotel
InterContinental Hotels Group has reported 'strong growth' in Europe over the past 12 months, driven in part by impressive performance from its UK hotels.
The World's largest hotelier, said it was increasingly confident about 2014 after strong demand in the US and improving conditions in Europe helped it to post a 10% rise in 2013 profit.
However the firm's profit after tax dropped 31% to $372 million, owing to increased charges.
IHG, home to brands such as Crowne Plaza, Holiday Inn, and InterContinental, this morning said pre-tax profit was $600 million, ahead of forecasts of $585 million, with revenue up 3.7 per cent to $1.9 billion.
“Looking into 2014, although economic conditions in some markets remain uncertain, forward bookings data is encouraging and we are confident that we will deliver another year of growth,” chief executive Richard Solomons said in a statement.
In related news, InterContinental Hotels today confirmed the sale of the famous Mark Hopkins hotel in San Francisco for £71 million.