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IHG has hailed an “excellent” year as it posted a 10 per cent rise in 2014 profit, helped by strong growth in the US market.
The hotel group, which owns Holiday Inn, Crowne Plaza and Intercontinental, reported underlying annual profits of $648 million.
IHG’s annual financial results to year ending December 31 showed global revenue per available room (RevPAR), a key industry measure, rise 6.1 percent. IHG said this was led by a 7.4 percent rise in the Americas, where an improving in the US has led to higher occupancy rates.
The group’s strong results were helped this year by an expanding portfolio which saw the acquisition of boutique operator Kimpton Hotels and restaurants. It is also expanding into the wellness sector with EVEN Hotels and the Chinese market with HUALUXE.
IHG’s results were also helped by strong revenue through digital channels with a 50 per cent growth in mobile bookings worth $900 million.
IHG CEO Richard Solomons, said: “2014 was an excellent year for IHG as we delivered against our long-term winning strategy for high quality growth.
“Looking into 2015, we face many macroeconomic and geopolitical uncertainties, but are confident that our strategy for high quality growth coupled with the momentum in the business positions us well for continued strong performance.”