InterContinental says to launch new hotel chain in China
Wednesday 16 February 2011
InterContinental Hotels Group said Tuesday that it will launch a new upper mid-scale hotel brand in China by the end of 2011.
Chief executive Andrew Cosslett, addressing a press conference for the group's annual results, said the new hotels would be positioned between its upscale chain Crowne Plaza and luxury brand InterContinental.
The London-based company, which is the world's largest hotel operator by number of rooms, plans to more than double the size of its operations in the key emerging markets of China, India and the Middle East in the next few years.
InterContinental is seeking to tap into growing traveller numbers and global economic trends, boosted by increased life expectancy, the use of low-cost airlines and increased Internet access.
The group estimates that China will overtake the United States as the world's biggest hotel market by 2025.
Earlier on Tuesday, InterContinental announced that its 2010 net profit jumped 38 percent to $293 million (217 million euros).
The company, which also owns the Holiday Inn chain, said revenue rose 6.0 percent to $1.63 billion last year as the recovering global economy boosted business travel.
"2010 was an excellent year for IHG," added Cosslett said in the group's earnings statement.
"After a slow start to the year, the industry staged the sharpest recovery in its history, exceeding all expectations," he said, with the company boosting its dividend payout sharply.
"The 21 percent growth in the final dividend reflects our confidence in IHG's prospects. Our priority is to increase market share and improve margins in an industry set for strong growth over the next few years."
- Dow Jones Newswires contributed to this report -
The Independent travel offers: Discover a world of inspiring destinations
- 2 Rarest Beanie Baby of them all could be sold for £62,500 on eBay
- 3 Professional big game hunter Ian Gibson crushed to death by elephant during hunt
- 4 Farmer told to tear down mock-Tudor castle after hiding construction behind hay bales
Inside Travel: Greece 2015 Q&A - should we cancel our Greek holiday? Are our flights safe? And what will we be spending there?
The 10 Best lightweight luggage
How double-decker trains would improve Britain's railways
French air-traffic strike: Planned industrial action called off
The 10 Best hiking boots
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
£24000 - £27000 per annum: Recruitment Genius: With offices in Manchester, Lon...
Competitive (DOE) + Benefits: Guru Careers: We are seeking a number of Marketi...
£20000 - £27000 per annum: Recruitment Genius: This well established business ...
£25000 per annum + Benefits: Ashdown Group: Management Accountant - Manchester...