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Interim Results

InterContinental Hotels CEO to step down

05 May 2017 07:32

InterContinental Hotels chief executive Richard Solomons will step down from the role at the end of June and retire on 30 August.

He will be succeeded by Keith Barr, a member of IHG's executive committee who has spent nearly 17 years with IHG, most recently as chief commercial officer.

The change was announced as the group reported a good start to the year with with 3.4% net system size growth year-on-year and 2.7% RevPAR growth.

But it said the strengthening of the US dollar against many major currencies globally reduced group RevPAR to 1.2% in the quarter, when reported at actual exchange rates.

Solomons said: "We have made a good start to 2017, with 3.4% net system size growth year-on-year and 2.7% RevPAR growth driven by increases in both rate and occupancy, and benefiting from the later timing of Easter.

"We continued our focus on building and leveraging scale in our priority markets, opening 49 hotels in the quarter, including our 300th for Greater China, and signing hotels into our pipeline at the fastest rate for the first quarter since 2008. We also strengthened our boutique portfolio with the opening of a Hotel Indigo property in downtown Los Angeles.

"Despite the uncertain economic and political environment in some markets, we remain confident in the outlook for 2017 and our ability to deliver sustainable growth into the future."

Story provided by StockMarketWire.com

Related Company: IHG

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