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IHG Q1 Profits Up On RevPARMay 7, 2008 By: David Eisen
InterContinental Hotels Group said its first-quarter profits rose 22 percent on revenue per available room (RevPAR), which grew 3.5 percent. The company says it is well placed for future growth even in the midst of a soured economy.
"Since the credit crunch began, and let's say that was the end of September, we've signed 418 deals around the world, and most of those were in the United States," said CEO of IHG Andrew Cosslett in a conference call on Wednesday.
IHG said it added 5,267 net rooms in the first quarter, more than double what it added in the same period last year. The company, which operates its namesake brand and others such as Crowne Plaza and Holiday Inn, said it expects to open 50,000 to 60,000 new net rooms by the end of 2008. Visit www.ihg.com.