InterContinental to exceed target growth
InterContinental Hotels Group (IHG) expects to exceed its target of adding 60,000 extra rooms to its portfolio by 2008, after adding 18,713 rooms to its pipeline in 2006.
The growth was in part due to IHG's joint venture in Japan with All Nippon Airline, adding nearly 5,000 rooms and making the group the largest hotel operator in Japan.
The group reported operating profit for the financial year ending 31 December 2006 up 16% from £173m to £201m, with revenue per available room growing 9.8%.
IHG chief executive Andrew Cosslett said: "2006 was a year of excellent growth for IHG. The hotel industry as a whole grew strongly but IHG outperformed the industry."
Total gross revenue from all hotels in IHG system was up 9% to £8.3bn.
IHG also announced a further £850m would be returned to shareholders, taking total funds returns to £3.6bn since March 2004.
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By Emily Manson
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