THE WORLD’S largest hotelier InterContinental hotels is looking to emerging markets and especially China to drive future growth. This follows a recovery in the United States and a string of new Chinese hotel openings, which helped to push 2011 profits up 26 per cent.
The hotelier, home to Crowne Plaza and Holiday Inn as well as the InterContinental brand, said business was improving in the US, led by a healthier economy and job creation in a region which makes well over half the group’s profit.
Greater China, which was reporting numbers as a separate region for the first time, saw the group’s highest growth rate as it opened more than 8,000 new rooms in the year, while more than a quarter of the group’s new global hotel pipeline is in China.
Chief executive Richard Solomons said that despite the euro zone crisis, he was upbeat about the future as people still wanted to travel for business and leisure.
“We go where the travellers are,” he added. “We see good momentum in the US economy with economic data there quite positive, while China is our fastest-growing region and our business there has doubled in the last two years.” – (Reuters)