Following the news that the world's biggest hotel company, InterContinental Hotel Group, has posted a sharp rise in profits, earning $178 million in the three months to the end of June, CEO Richard Solomons talks to the BBC about the reasons behind the results.
Revenues increased by 3% to $469 million, partly due to a strong performance in China. But Solomons rejects the idea that IHG’s presence in China and other growth markets is the main reason for the good overall results. “Our biggest market is the US,” he says, where the group has seen “record levels of demand for well over a year now”. He explains the results by saying that “a combination of being where the growth is [...] and running a pretty efficient business has really helped us perform.”
“People continue to travel – it’s part of life today. Our number of room nights went up even in 2009.”
[photo courtesy IHG]