InterContinental Hotels says profits surge 73% in Q3
InterContinental Hotels Group said on Tuesday that its net profits jumped 73 percent to $178 million (129 million euros) in the third quarter on growth at its Chinese and US operations.
IHG, which owns the InterContinental, Crowne Plaza and Holiday Inn chains, said its profit after tax for the three months to September 30 compared with net earnings of $103 million in the same period of 2010.
The world's largest hotels operator by number of rooms reported an 11 percent increase in revenues to $467 million and said that global revenue per available room -- a key industry measure -- climbed 6.4 percent.
"In the third quarter we delivered a strong set of results," chief executive Richard Solomons said in a statement.
"This was led by 10.8 percent revenue per available room growth in Greater China and 8.0 percent in the US where we continued to outperform the industry driven by sustained results from the Holiday Inn relaunch," he added.
© 2011 AFP