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IHG reports 'strong growth' in H1 2011
InterContinental Hotels Group (IHG) has reported "strong growth" for the six months to 30 June 2011, despite unrest in the Middle East and the effect of the Japanese earthquake.
In its interim results for the period, the operator posted a first half global RevPAR increase of 6.7 per cent on the first half of 2010 - 7.6 per cent excluding Egypt, Bahrain and Japan. Revenue increased by 10 per cent to US$850m (£525m, EUR597m), with operating profit also up by nearly a quarter to US$269m (£166m, EUR189m).
IHG chief executive Richard Solomons said: "Global RevPAR grew 6.7 per cent with Greater China up 12.7 per cent and the US up 8.2 per cent, where the Holiday Inn relaunch is delivering sustained outperformance. "While we continue to monitor the uncertain economic outlook, we look forward with confidence in the currently favourable hotel trading environment of record demand and low supply growth in many markets."
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