InterContinental reveals cost of Paris terror attacks
InterContinental Hotels Group saw its revenue per room in Paris fall almost 20% in the first half of the year following a spate of terror attacks in the French capital.
Overall revenue in the first half of the year fell 8% to $838 million and pre-tax profits were down from $458 million to $298 million.
However, the group said pre-tax profits in the first half of last year were boosted by the sale of the InterContinental Paris – Le Grand.
IHG, whose brands include Crowne Plaza and Holiday Inn, said its underlying results showed a 5% increase in revenue to $771 million and 10% increase in operating profit to $345 million.
Richard Solomons, chief executive, said "The fundamentals for our industry, and particularly for IHG as one of the largest branded players, remain compelling.
"This backdrop, combined with our winning strategy and the strength of our business model, will enable us to deliver sustainable growth into the future.
"Despite the uncertain environment in some markets, we remain confident in the outlook for the remainder of the year."
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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