Posted on February - 14 - 2011
Strong recovery at InterContinental Hotels Group
HOTELS chain InterContinental saw operating profits jump 22% to £277m in the year to December 31 as business travel started to recover.
The group achieved a 6% increase in total revenues of £1.01bn, while net debt shrank from £682m to £464.
InterContinental’s Liverpool portfolio comprises the £15m Indigo which is due to open on Chapel Street this year, two Crowne Plazas in Liverpool and Speke, a Holiday Inn, Holiday Inn Express and the business-oriented Staybridge Suites development on Kings Dock catering for medium- and long-stay corporate guests.
Chief executive Andrew Cosslett said: “2010 was an excellent year for InterContinental Hotels Group.
“After a slow start to the year the industry staged the sharpest recovery in its history, exceeding all expectations.”
He said the £625m relaunch of its Holiday Inn brand is almost complete and is delivering better than expected revenues per available room, while a similar drive across the Crowne Plaza brand – the fourth largest upmarket hotel brand in the world – is set to follow.
Liverpool stockbroker Panmure Gordon said it reiterated its ‘buy’ recommendation for the group’s stock after today’s annual results.
Similar Posts:
- Liverpool hotel group Centre Island hotel breaks even in ‘toughest ever’ year
- Speedy Hire trading profitably and in line with forecasts
- Morgan Sindall ‘well placed for recovery in markets’
- Ryanair launches first routes to Greece from Liverpool John Lennon airport
- Goals Soccer Centres sees growth after World Cup
