InterContinental Hotels Group profits surge as travel rebounds

InterContinental Hotels Group said Tuesday that profits rose sharply in the first half after Covid travel restrictions were lifted around the world.

Net profit rose to $216 million in the period from January to June from $48 million in the same period a year earlier, IHG said in a statement.

IHG, which also owns brands such as Crowne Plaza and Holiday Inn, said that first-half revenues jumped by 52 percent to $1.8 billion.

“We saw continued strong trading in the first half of 2022 with increased demand for travel in most of our markets,” said chief executive Keith Barr.

IHG said it would resume its interim dividend, up 10 percent compared with the last half-year payout in 2019 before Covid struck.

The group said it also planned to repurchase shares worth a total of $500 million.

Its share price dropped 1.6 percent in midday trading on the London stock exchange, following recent solid gains. — Agence France-Presse

Andrew Tan brings Belmont hotel to Cebu

Bilyonaryo Andrew Tan’s flagship property firm Megaworld is opening a new Belmont Hotel within the 30-hectare Mactan Newtown in Lapu-Lapu City, Cebu by the fourth quarter this year, further strengthening its leadership position in the hospitality space.