IHG gains fuelled by Holiday Inn re-launch

Hotel News - 25/02/2013

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IHG shares continue to see gains after the company’s re-vamp of its US Holiday Inn brand properties.

The Wall Street Journal reported on Tuesday that the London-based Hotelier is amid plans to expand its presence in the Americas next year by 25,000 guestrooms, as earnings continue to increase alongside a lack of supply in the region that have pushed up rates substantially in recent months.

The firm has recently re-invented the Holiday Inn brand in the United States – a region in which the brand has held a major presence for more than two decades. Alongside the launch, InterContinental Hotel Group’s full-year earnings grew by 18 per cent to £359 million, officials said last week. Similarly, operating profits grew to £406 million, an increase of 9.8 per cent, whilst revenues grew by 3.8 per cent to £1.19 billion.

dHG officials also said Tuesday that the company is to move forward with selling off two of its major properties – the London Park Lane Hotel as well as the New York Barclay.

The news comes as officials from IHG rival Starwood Hotels & Resorts report strong performance from European and North American properties thanks to rising room rates.

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