InterContinental Hotels announced a first quarter rise in operating profits from £46m in 2004 to £65m in 2005 for its hotels. Group operating profit rose from £51m to £76m.
The group also announced an average increase in RevPAR of 6.8%. The RevPAR in the EMEA region rose on average by 3.1%. Among Holiday Inns in the UK, the rate rose by 5.2%.
The Group said: “Growth was driven by a higher level of business travel and a favourable guest response to recent management initiatives. RevPAR in Continental Europe was flat, although the InterContinental brand experienced some growth, led by InterContinental Le Grand Paris.”
Andrew Cosslett, IHG's new ceo, said the group had made a positive start to the year and its “asset disposal programme” was progressing well.
So far the hotel group has sold 123 properties including the latest, the Crowne Plaza United Nations in New York which was sold last week for $34m. The Group said the UK disposal was completed and had raised £960m. So far sales had raised £1.8bn.
It is aiming to sell a further 22 properties for £420m.
Lufthansa extends private jet service
Lufthansa is to extend it “private jet” service, launched two months ago in Munich, to Frankfurt.
Under the scheme first and premium class passengers flying anywhere from Frankfurt with the airline can fly to the airport by private jet.
Passengers arriving at Frankfurt and planning to fly on can also use the service to more than 1000 airport throughout Europe.
The carrier introduced the service at the end of March but a statement said customer response had been “thoroughly positive” and “demand has been higher than expected.”