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InterContinental Hotels Group's
first half 2007 revenue was up 12% from £377m to £422m, up 20% at constant currency, whilst continuing operating profit was up 5% from £106m to £111m, up 17% at
constant currency. Global constant currency RevPAR grew 7% and total gross revenue from all
hotels in IHG’s system was up 12% to US$8.3bn.
IHG saw the strongest RevPAR (revenue per available room) growth in the Asia Pacific region
up 9.1%. InterContinental, Crowne Plaza and Holiday Inn all performed
strongly, with RevPAR up 11.1%, 7.9% and 8.4% respectively. Greater China RevPAR increased
6.2%, driven by rate increases. Operating profit from continuing operations was US$27m. Owned
and leased hotel operating profit increased 7% to US$15m, after the impact of refurbishment activity
at the InterContinental Hong Kong. Managed hotels profit was stable at US$19m.
Commenting on the results and trading, Andrew Cosslett, Chief Executive of InterContinental Hotels
Group PLC said, “The company has had a good first half. Signings continue to run at record levels with almost 55,000 rooms signed into our
development pipeline. Strong demand with relatively low levels of new supply is driving up room rates and our brands continue to
outperform the market in most of our major regions and geographies. Our outlook for the year is positive.”
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%),
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.
IHG development activity in the Asia Pacific region
is strong. During the first half, 12,702 rooms were signed and 2,805
rooms were opened in the region. In Greater China, 32 hotels, 10,370 rooms, were signed in the first half, consisting of two
InterContinentals, 15 Crowne Plazas, six Holiday Inns and nine Holiday Inn Expresses.
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