IHG Q3 Profit Drops

14th November 2010 (Last Updated November 14th, 2010 18:30)

InterContinental Hotels Group (IHG)'s operating profit for the third quarter of 2010 fell by 7% to $115m compared with the $124m operating profit recorded during the corresponding quarter last year. The UK hotel group, which operates seven chains including InterContinental, Crowne

InterContinental Hotels Group (IHG)’s operating profit for the third quarter of 2010 fell by 7% to $115m compared with the $124m operating profit recorded during the corresponding quarter last year.

The UK hotel group, which operates seven chains including InterContinental, Crowne Plaza and Holiday Inn, reported a revenue of $421m during the quarter, up by 5% over the same period in 2009.

IHG said its revPAR growth of 8.1% was driven by a room occupancy increase of 4% and rate growth of 1.8%.

The hotel group added 7,149 rooms (51 hotels), removed 5,856 rooms (47 hotels), bringing the total number of rooms to 657,954 (4,507 hotels), up by 3%.

IHG will add a further 13,690 rooms (88 hotels) taking its pipeline to 198,141 rooms (1,293 hotels).