IHG room revenues surge as US, China demand offset Iran war impact

(Sharecast News) - InterContinental Hotels on Tuesday said it was on track to meet full-year earnings estimates as it reported a 10% jump in profits driven by better-than-expected demand globally.

The Holiday Inn owner said revenue per available room - a key industry metric - grew 4.1% in the three months to June 30 as trading in the US accelerated in the second quarter due to the football World Cup.

Growth in Greater China continued and a good performance elsewhere in Europe and Asia offset challenges in the Middle East as the US-Israeli war on Iran and Lebanon dragged on. Operating profit came in at $665m.

Reporting by Frank Prenesti for Sharecast.com