Strong recovery at InterContinental Hotels Group
Written on February 13, 2011 by Douglas R
HOTELS chain InterContinental saw operating profits jump 22% to £277m in the year to December 31 as business travel started to recover.
The group achieved a 6% increase in total revenues of £1.01bn, while net debt shrank from £682m to £464.
InterContinental’s Liverpool portfolio comprises the £15m Indigo which is due to open on Chapel Street this year, two Crowne Plazas in Liverpool and Speke, a Holiday Inn, Holiday Inn Express and the business-oriented Staybridge Suites development on Kings Dock catering for medium- and long-stay corporate guests.
Chief executive Andrew Cosslett said: “2010 was an excellent year for InterContinental Hotels Group.
“After a slow start to the year the industry staged the sharpest recovery in its history, exceeding all expectations.”
He said the £625m relaunch of its Holiday Inn brand is almost complete and is delivering better than expected revenues per available room, while a similar drive across the Crowne Plaza brand – the fourth largest upmarket hotel brand in the world – is set to follow.
Liverpool stockbroker Panmure Gordon said it reiterated its ‘buy’ recommendation for the group’s stock after today’s annual results.
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