IHG: still room at the Inn for the Olympics
INTERCONTINENTAL Hotels Group (IHG) has said it continues to see “strong demand” in London ahead of the Olympics, as the world’s largest hotel operator posted better than expected first quarter profits.
Chief financial officer Tom Singer said roughly 20 per cent of the rooms it was obliged to contract to Locog, the Olympic Games committee, had been handed back.
“We still have room available and we look forward to strong demand during those summer months and filling up our hotels,” he said.
The hotelier, which runs 4,500 sites under brands including Holiday Inn, Crowne Plaza and Intercontinental, said operating profit grew five per cent to $118m (£73m) in the quarter to 31 March, driven by strong growth in China and the US.
Revenue per available room, (RevPAR) – the key industry measure – rose by seven per cent, thanks to a limited supply of new hotels being built compared to rising demand.