13 Aug 2008
IHG growth continues despite slowdown
BY Pete Hayman
Intercontinental Hotels Group (IHG) has announced continued growth in its half-year report for 2008. The hotel group, which operates the Holiday Inn and Crowne Plaza chains, confirmed that it had reached its growth target six months ahead of schedule, adding more than 60,000 new rooms since June 2005. Commenting on the results, chief executive of IHG, Andrew Cosslett said: "IHG had a good first half, seeing growth in both the revenue per available room and in the number of hotels we operate around the world. "Growth looks set to continue as we have been signing two hotels a day into our development pipeline, which now stands at almost 1,800 hotels. Investment in our brands, technology, reservation systems, loyalty programme and our people not only drives our room growth but helps us outperform during times of economic uncertainty." IHG recorded a 10.9 per cent increase in revenue for the first six months of 2008 and follows the recent news that Millennium and Copthorne is continuing with expansion plans after announcing it's first-half results.
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