Positive First Half Outcomes for InterContinental Hotels

Continuing revenue was up 12 percent from £377 million to £422 million, up 20 percent at constant currency, whilst continuing operating profit was up 5 percent from £106 million to £111 million, up 17 percent at constant currency according to the first half results to 30 June 2007 released by InterContinental Hotels Group (IHG).

IHG saw the strongest Rev PAR (revenue per available room) growth in the Asia Pacific region leads in revenue performance, up 9.1 percent. InterContinental, Crowne Plaza and Holiday Inn all performed strongly, with Rev PAR up 11.1 percent, 7.9 percent and 8.4 percent respectively.

Greater China Rev PAR increased 6.2 percent, driven by rate increases. Operating profit from continuing operations was $27 million. Owned and leased hotel operating profit increased 7 percent to $15 million, after the impact of refurbishment activity at the InterContinental Hong Kong. Managed hotels profit was stable at $19 million.

In the first half, a record 54,246 rooms were signed and 7,430 net rooms added globally, with a closing pipeline of 187,487 rooms (up 19 percent), giving IHG further confidence that it will exceed its target of 50,000-60,000 net organic room additions by the end of 2008 from the 30 June 2005 starting position.