A 14% year-over-year increase in profit to US$50 million, reported the IHG (InterContinental Hotels Group) in the first three months of 2010. As of March 31, 2010, IGH had total revenues of $362 million, up 3% from the same period in 2009, when it reached $351 million. Operating profit grew 15% to $83 million, compared to $72 million a year earlier.
RevPar (revenue per available room) posted the first growth in 18 months at 0.2%, including March's 4.1% increase, driven by higher occupancy in Asia, especially China.
In this first quarter of 2010 the hotel group added 5,151 rooms, increasing the number of rooms in the world to 651,830.
IHG Chief Executive Andrew Cosslett said the past 18 months were difficult, but the Group continued to invest in brand strengthening, system investments, staff development and teamwork. "With the strengthening of the core business and the first signs of market recovery, we are confident in the prospects and in our ability to increase the share of the sector."
