INTERCONTINENTAL HOTELS GROUP (IHG) operating profits fell 34 per cent to US$363 million (£236m) in 2009. Revenues were down 18 per cent to just over £1 billion.
IHG chief executive Andrew Cosslett sees little sign of an early recovery. "2009 was a very challenging year for the industry," he said. "The fourth quarter did show some improvement in trends, and occupancy has now stabilised. "Rate, however, remains under pressure and we expect trading to stay tough until business travellers return in greater numbers."
Over the full year, IHG's revenue per available room was down 14.9 per cent in the Americas, 14.8 per cent lower in Europe, and 13.5 per cent down in the Asia-Pacific region.