Boss's £1.26m from Intercontinental

InterContinental Hotels handed its chief executive, Richard Solomons, a £1.26m pay package last year.

The company, which owns the Crowne Plaza and Staybridge Suites brands, paid Mr Solomons a basic salary of £716,000 alongside a bonus of £494,000 and other benefits.

The pay package, disclosed in a regulatory release while the Budget was being announced, compares to £1.14m last year.

The group enjoyed a solid 2012, with its full-year figures topping City forecasts. Operating profits were up 10 per cent at $614m (£396m) on revenues 4 per cent higher at $1.8bn as the company lifted its dividend by 16 per cent to 64 cents a share.

Revenue per available room grew by 6.3 per cent in the US, 1.7 per cent in Europe and 5.4 per cent in Greater China.

The company has put its Park Lane hotel up for sale with a probable price tag of at least £200m.