Global hotel group sees profits rise 20 per cent
Global hotel group sees profits rise 20 per cent
Intercontinental Hotels Group, one of the world’s leading hotel companies and operator of InterContinental Hotels & Resorts – one of whose hotels is located in Phnom Penh – said first-half-of-year profits rose 20 per cent on strong gains in the Americas region.
According to a statement released yesterday, operating profit before tax for the first six months until June 30 reached $338 million, compared to $281 million last year.
Total revenue, the income before costs are subtracted, for the UK-based company that operates 4,643 hotels globally climbed seven per cent. In the Americas region, revenue grew by 14 per cent.
“Our global scale has allowed us to reinvest in the business while growing margins, resulting in solid underlying profit gains led by our Americas region, and strong cash flows,” Richard Solomons, chief executive of IHG, said in an earnings statement.
Stefan Voogel, general manager of the InterContinental on Mao Tse Toung Boulevard, could not be reached for comment yesterday.
According to Luu Meng, president of the Cambodia Hotel Association, overall revenue for hotels in Cambodia climbed by about 20 to 25 per cent this year.
He said an estimate of 510 hotels are registered in the country, compared with around 1,200 guesthouses.
Besides InterContinental Hotels & Resorts, IHG operates eight other hotel brands, including Crowne Plaza and Holiday Inn, its website said.
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