IHG Profits Plunge 38%
Intercontinental Hotel Group (IHG) operating profits plummeted 38% to US$179 million during the first half of this year from US$291 million for the same period last year. IHG is best known for its Crown Plaza and Holiday Inn brand and has the biggest presence in the Middle East of any hotel company. They describe the Middle East and the UK as their strongest markets.
During the first half of the year revenue per available room (RevPar) posted an 8.5% decline and RevPar in the UK fell somewhat more at 10.7%. The EMEA region – Europe, Middle East, and Africa sustained a 16.4% fall in RevPar. IHG Chief Executive Andrew Cosslett said “Trading was very challenging throughout the first half of the year and we expect the remainder of 2009 to be very tough.” IHG has 72 hotels in the Middle East including 12 in the UAE.
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