IHG gets £21m payout for losing hotels

The hotel chain InterContinental today said it will get $31m (£21m) in damages from a property group which is removing eight hotels, currently branded as Holiday Inns, from its management.

The company said the FelCor Lodging Trust hotels, which leave Intercontinental Hotel Group's system on 1 March, had 2,526 rooms which brought in $8.5m of fees in 2011, about 1 per cent of IHG's total Americas revenue. Shares rose 16p to 1,830p.