InterContinental Hotels reports annual profits rise

15th February 2011, Comments 0 comments

InterContinental Hotels Group, the world's largest hotel operator by number of rooms, said Tuesday that its 2010 net profit jumped 38 percent to $293 million (217 million euros).

The company, which owns the InterContinental, Crowne Plaza and Holiday Inn chains of hotels, said revenue rose 6.0 percent to $1.63 billion last year as the recovering global economy boosted business travel.

"2010 was an excellent year for IHG," chief executive Andrew Cosslett said in the group's earnings statement.

"After a slow start to the year, the industry staged the sharpest recovery in its history, exceeding all expectations," he said, with the company boosting its dividend payout sharply.

"The 21 percent growth in the final dividend reflects our confidence in IHG's prospects. Our priority is to increase market share and improve margins in an industry set for strong growth over the next few years."

© 2011 AFP

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