InterContinental to open 100 hotels in China

InterContinental is off and running in 2014, after strong demand in the US and improving conditions in Europe gave it a boost of 10 percent profit in 2013, according to the Economic Times

"IHG, home to brands such as Crowne Plaza, Holiday Inn and InterContinental, said on Tuesday annual pretax profit was $600 million dollars, ahead of forecasts of $585 million, with revenue up 3.7 percent to $1.9 billion," the article reports.

Hot on the heels of this good news, IHG announced that it expects to open 100 new hotels in China in the next three years, says Ecns, a local news source in China. 

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"The hotelier has developed its five brands - InterContinental HOtels & Resorts, Crowne Plaza Hotels & Resorts, Hotel Indigo, HOliday Inn Hotels & Resorts and Holiday Inn Express Hotels - in the country. A new addition, HUALUXE HOtels and Resorts - the first international luxury hotel brand designed specifically for Chinese consumers - is due to open its first hotel in 2014," the article says.

Internationally, IHG's RevPAR rose 3.8 percent for the year. In the fourth quarter of 2013, trading remained strong in the Asia and Middle East region, as well as the US, which accounts for about two thirds of IHG's operating profit. 

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The survey is open through June 17 and results will be published in the August issue of Hotel Management. 

The company has taken “substantial steps” to preserve liquidity and mitigate the impact of the current extremely low levels of demand.

The company believes its long-term focus, disciplined capital allocation strategy and targeted actions will help it weather the storm.