InterContinental Hotels Group PLC (IHG) has reportedly held secret discussions in the last few weeks with an undisclosed US hospitality group about a potential acquisition deal worth £6bn ($10.1 billion).
InterContinental Hotels Group said on Tuesday that its net profits climbed 11 percent to $156 million (109 million euros) in the first six months of 2011 on sales growth in China and the United States.The company, which owns the InterContinental, Crowne Plaza and Holiday Inn chains of hotels, said its profit after tax for the six months to June compared with net earnings of $141 million in the first half of 2010.Overall revenue jumped 10 percent to $850 million at IHG, the world's largest hotels operator by number of rooms.
InterContinental Hotels Group, the world's largest hotel operator by number of rooms, said Tuesday that its 2010 net profit jumped 38 percent to $293 million (217 million euros).The company, which owns the InterContinental, Crowne Plaza and Holiday Inn chains of hotels, 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," chief executive Andrew Cosslett said in the group's earnings statement.
InterContinental Hotels Group, a global company operating seven hotel brands such as Hotel Indigo, Crowne Plaza Hotels & Resorts, Suites and Candlewood Suites, in 2007 launched a $1 billion effort to revamp its Holiday Inn brand and properties. Over the past six years, they have removed nearly 1,200 Holiday Inn and Holiday Inn Express hotels ...