InterContinental Posts Good First-Quarter Revenues

Intercontinental continues its good performance in the first quarter of 2007 with continuing revenues showing up 10 percent from £177 million to £194 million, up 20 percent at constant exchange rates. Continuing operating profit is up 5 percent from £42 million to £44 million, up 19 percent at constant exchange rates.

Total gross revenue from all hotels in IHG’s system were up 13 percent at constant exchange rates to $3.9 billion while global constant currency RevPAR growth was 7.6 percent. However, the strongest growth was in EMEA, up 13.0 percent, driven mainly by rate increases.

Franchised operating profits climbed £55 million, up 11 percent at constant exchange rates, while managed operating profits went up £19 million, up 5 percent at constant exchange rates.

The strengthening of the InterContinental brand continued with 6 hotel signings in the quarter. The pipeline of Crowne Plaza hotels grew by 4,237 rooms (14 hotels) in the quarter, with 5,245 rooms (18 hotels) signed including 1,915 rooms (8 hotels) in North America and 3,044 rooms (9 hotels) in Asia Pacific.

The pipeline of Holiday Inn and Holiday Inn Express hotels grew by 4,788 rooms (43 hotels) in the quarter, Candlewood Suites added 1,489 rooms (19 hotels) and Hotel Indigo added 373 rooms (3 hotels).