InterContinental Hotels Group has announced plans to put a further £500m worth of hotels up for sale.

Since demerging from Six Continents a year ago, the company has disposed of £314m worth of assets and has further sales of 15 properties worth £129m in the pipeline.

Although the group has so far declined to say which hotels will be put on the market, the sale will provide cash to honour its promise in March to return £250m to shareholders – it has already returned £100m.

The announcement came in the company’s first quarter results statement, which showed pre tax profits for the period have doubled year on year to £50m.

IHG attributed the increase to recovery in both the US and the UK, the beginnings of recovery in Europe and trading in Asia Pacific having returned to pre-SARS levels.

Richard North, chief executive, said: “We are sharpening our focus on driving revenues in all our hotels and improving our hotel operations performance.”

He added that IHG, which operates the Holiday Inn, Crowne Plaza and InterContinental brands, will be concentrating on developments in the US, UK and China – the three areas which it sees as offering the most potential for its franchise and management businesses.

David Webster, chair, said: “During our first year as a separate company, we have made good progress against our priorities. We have reorganised the group, strengthened management, cut overheads and lowered capital expenditure.

“At the same time the process of reducing asset intensity and returning funds to shareholders has begun.”