Thursday 9th September, JW Marriott Grosvenor House
ExCeL London - 30 Sep - 01 Oct 2021
18 October 2021 - Virtual
The Intercontinental Hotel Group (IHG) reported a rise in operating profit of £40 million during the first six months of 2010, compared to the first half of 2009.
The figure represents a rise of 22%.
According to Andrew Cosslett, IHG's CEO, trading strengthened as the first half progressed.
While during the first half of the year the RevPAR (revenue per available room) rose by a slim 3.9%, between the months April and June the RevPar grew by 7.4%.
Cosslett said Asia is leading the recovery, with RevPAR in greater China growing by 29.4% in H1 2010.
Greater China is a key developing market for IHG, as shown by its 148 hotels in the pipeline for the region.
While not all areas are seeing the same growth as China, Cosslett said rates are now "stabilising" globally.
"Most markets [are] seeing rate growth towards the end of the first half," he said.
But he warned the economy remains "uncertain", with short booking windows and limited visibility into future trends.
The hotel group opened 148 new hotels during the first six months, and has now completed a relaunch of 76% of Holiday Inn branded hotels, under a $1 billion ongoing project.
IHG's boutique brand Hotel Indigo looks likely to expand, significantly according to reports. IHG recently announced it would open an 89-bedroom hotel in Madrid by 2012.