World’s biggest hotel group today posts preliminary results for 2011
InterContinental Hotels Group PLC today posted its preliminary results for the year to 31 December 2011, with the statement: “Excellent 26% growth in operating profit driven by brand outperformance and scale efficiencies.”
Total gross revenue from hotels in IHG’s system increased to $20.2 billion, up 8%, boosting operating profit by 26% to $559 million. Excluding the troubled countries of Egypt, Bahrain and Japan, global RevPAR growth was 6.9% (6.2% including these countries). The strongest growth was seen in China (+10.7%), the Americas (7.5%; USA 7.9%) and Europe 4.7%. However, RevPAR was down 0.2% in Europe in the fourth quarter, reflecting the deterioration in economic conditions across the continent (UK down 0.7% in Q4, Germany down 0.3%).
IHG CEO Richard Solomons: “Looking ahead, in spite of considerable uncertainty in the Eurozone, IHG is well positioned globally to benefit from positive long term industry trends and, in particular, growing demand in emerging markets.”
[pictured: Shanghai Anting Golf, one of six Crowne Plaza properties so far in Shanghai]