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Over 12,500 Holiday Inn and Holiday Inn Express rooms were opened and almost 19,000 rooms were signed into the Americas pipeline in 2012. The company said this took the total size of Holiday Inn brand operation in the Americas to over 315,000 rooms and the development pipeline to over 51,000 rooms as at 31 December 2012. IHG is the world's biggest hotel chain and franchises, leases, manages or owns over 4,500 hotels and more than 672,000 guest rooms in nearly 100 countries and territories.
InterContinental Hotels Group (IHG) is to receive 31m dollars in damages from FelCor Lodging Trust, which is removing eight of its hotels from the chain's control. The real estate investment trust has agreed that the properties owned by FelCor and currently branded as Holiday Inn hotels will leave IHG's portfolio on March 1st this year. The hotels, which contain 2,526 rooms, generated $8.5m of fees for IHG in 2011, around 1% of total Americas fee revenue. This represented less than one per cent of all rooms branded as Holiday Inn or Holiday Inn Express in the region, IHG said, adding that it continued to grow its presence for Holiday Inn.
InterContinental Hotels Group: Panmure Gordon raises target price from 1670p to 1724p and reiterates a hold rating.
InterContinental Hotels Group: JP Morgan raises target price from 1635p to 1650p and keeps a neutral rating.
InterContinental Hotels Group: Alphavalue downgrades ro reduce, target price of 1709.20p maintained.
Intercontinental Hotels Group: Barclays upgrades to overweight.
InterContinetnal Hotels: Exane BNP Paribase upgrades to outperform, target lifted from 1,630p to 1,900p.
Positive Points: Growth in the industry measure, revenue per available room (RevPAR), was achieved across all regions. 5.6% global RevPAR growth year to date was reported. Accompanying management comments noted that "forward bookings remain encouraging and we are confident that IHG is well positioned to continue to outperform based on the considerable strengths of the business and our focused strategy for high quality growth." Some 8,603 rooms (56 hotels) were added and 3,224 rooms (25 hotels) removed in the quarter, with signings of 13,304 (85 hotels). $500m was returned to shareholders in October (2012) via a special dividend. A further $500m share buyback programme will commence in Q4 2012. Discussions regarding the disposal of InterContinental New York Barclay continue, but will now be opened up, with the board expecting strong interest from a wider group of prospective buyers. The dividend policy remains progressive. A 31% increase in the interim dividend payment was announced, with management highlighting both a rebalancing process and confidence in the outlook as underlying the increase. A strong focus on costs remains. The company continues to enjoy broad geographical diversification. The Emerging Markets remain a focus of growth. The company continues to build on its leading position in Greater China. It opened 2,704 rooms (9 hotels) in the quarter, including 3 Crowne Plaza hotels (1,089 rooms). The group remains subject to speculative M&A rumour.
Negative Points: The UK's Office of Fair Trade previously accused the group of anti-competitive behaviour. If proved, a fine could be suffered. InterContinental has denied the charge. Management noted that "the global economic environment remains challenging." Overall Revenue per available room (RevPAR) rose by 3.9%, down from 6.1% in the second quarter. Trading for its European operations remained difficult - RevPAR rose by 2.0% compared with 4.6% in the US. The hotel and travel industry remains vulnerable to geopolitical shocks, natural disasters, terrorism and health scares such as the Sars Virus. The group's plans for expansion in China could be thwarted if there is a downturn in the country's economy. Broader aggressive industry expansion in China continues to fuel potential overcapacity concerns. The company remains cyclical in nature. Government spending cuts have yet to be implemented in the group’s biggest market, the US.
Financial Highlights: Group revenue rose by 1% - 3% when adjusted for currency movements. Operating profit rose by 9% to $167 million. Group net debt declined to $472 million from $644 million in 2011.
Third quarter update: InterContinental enjoys growth across all regions. The group's third quarter results broadly reassured investors. Growth in the industry measure, Revenue Per Available Room (RevPAR), was achieved across all regions, with management highlighting outperformance in key markets such as the US and Greater China. The board's preferred brands drove underlying revenue growth despite a number of industry wide issues such as the timing of holidays, slowing economic growth in certain markets and the political leadership change in China. On the downside, previous UK Office of Fair Trading allegations have raised uncertainties, whilst ongoing economic growth across the US and China remains far from assured. In all, InterContinental continues to please. An asset light strategy has underwritten significant returns of cash, whilst a bias towards the US and China have helped insulate it from challenges in Europe. The credit crisis itself has arguably fortified the group's position, making it more difficult for entrants and smaller rivals to borrow and compete, whilst talks regarding asset sales remain ongoing. On balance, with the share price up around 40% over the last year,
Company overview IHG (InterContinental Hotels Group) is a global hotel organisation with nine hotel brands including InterContinental® Hotels & Resorts, Hotel Indigo®, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites®, Candlewood Suites®, as well as its two newest brands, EVEN™ Hotels and HUALUXE™. The company franchises, leases, manages or owns over 4,500 hotels and more than 672,000 guest rooms in nearly 100 countries and territories
InterContinental Hotels: Panmure Gordon keeps hold rating and 1,670p target; Investec keeps buy rating and 1,950p target
InterContinental Hotels (IHG) reported a 9% increase in operating profits to 167 million dollars (104.5 million pounds) on a 1% increase in revenues to 473 million dollars (295.9 million pounds) for the third quarter ended 30th September 2012. The improvement was primarily driven by 3.9% quarter-on-quarter growth in revenue per available room globally. Additionally, the amount of rooms operated by the group has risen by 2.1% to 672,572. The shares jumped by 21p to 1,545p
Richard Solomons, Chief Executive of InterContinental Hotels Group PLC, said: "We have delivered a solid set of results in the quarter with RevPAR growth across all regions and outperformance in key markets such as the US and Greater China. Our preferred brands have driven good underlying revenue growth despite a number of industry wide issues such as the timing of holidays, slowing economic growth in certain markets and the political leadership change in China. We continue to build a strong foundation for future growth, with a good pace of signings and openings, and we are on track to meet our full year net system growth guidance. Our new brands are gaining traction, with the first signing for EVEN Hotels in New York City in October and 12 signings for HUALUXE Hotels & Resorts year to date. The global economic environment remains challenging. However, our forward bookings remain encouraging and we are confident that IHG is well positioned to continue to outperform based on the considerable strengths of the business and our focused strategy for high quality growth."
Holiday Inn and Crown Plaza owner InterContinental Hotels Group (IHG) saw growth in US revenue per available room (RevPAR) moderate in the third quarter as a result of a seasonal impact, the company said on Wednesday. Speaking at the annual conference for hotel owners in the Americas region, IHG said that RevPAR - a key measure in the hotel industry - in the US rose by 4.6% year-on-year in the three months to September 30th, down from the 8.0% growth seen in the first half. The company said that this reflects "the shift in timing of certain holidays which adversely impacted results in both July and September." Therefore, for the nine months to the end of September, US RevPAR growth fell to 6.3%. "The US industry continues to benefit from a favourable supply and demand dynamic. Supply growth remains well below historic levels and the industry has broken monthly records for room nights sold in each of the past nineteen months, although the pace of demand growth is expected to continue to slow."
used to work for them, wish a few years ago id taken the share scheme at 280p....: (
InterContinental Hotels: AlphaValue upgrades from reduce to add; Panmure Gordon keeps hold rating and 1,670p target.
InterContinental Hotels Group PLC announces Third Quarter Americas RevPAR Growth at Annual Conference for Hotel Owners InterContinental Hotels Group's ("IHG") annual conference for hotel owners in the Americas region commences today. Details of revenue per available room (RevPAR) for IHG's brands in the US and Americas for July, August and September 2012, for the third quarter 2012 and for the nine month period to 30 September 2012 will be disclosed at this conference and are tabled below. IHG comparable US RevPAR for the nine months to 30 September 2012 grew 6.3%, driven predominantly by rate up 4.3%. Third quarter US RevPAR growth was slightly softer at 4.6%, with 4.0% rate growth, reflecting the shift in timing of certain holidays which adversely impacted results in both July and September. The US industry continues to benefit from a favourable supply and demand dynamic. Supply growth remains well below historic levels and the industry has broken monthly records for room nights sold in each of the past nineteen months, although the pace of demand growth is expected to continue to slow. IHG's full third quarter results will be announced at 7am UK time on 6 November when further commentary will be provided.
http://www.investegate.co.uk/Article.aspx?id=201210240700043647P
The wait is over for InterContinental Hotels Group (IHG) shareholders waiting for details of the hotels group's special dividend, with the group announcing it will be paying out 108.4p per share. The Holiday Inns group announced on August 7th that it planned to return $0.5bn of funds to shareholders via a special dividend tied to a share consolidation, plus another $0.5bn through a share buy-back programme, and it has now made good on that pledge. The board is proposing to pay the special dividend to shareholders on the register as at 6.00pm on Monday, 8th October 2012 in sterling and $1.72 per ADR to ADR holders on the ADR register as at 4.00pm (New York time) on Monday, 8th October 2012. The share consolidation will replace every 15 existing ordinary shares with 14 new ordinary shares.
Share Consolidation It is proposed that the payment of the Special Dividend be accompanied by a consolidation of the Company's ordinary share capital. The Share Consolidation will replace every 15 Existing Ordinary Shares with 14 New Ordinary Shares. Upon the Share Consolidation becoming effective, the nominal value of the Ordinary Shares will change from 13 29/47 pence per Ordinary Share to 14 194/329 pence per Ordinary Share. Fractional entitlements arising from the Share Consolidation will be aggregated and sold in the market for the best price reasonably obtainable on behalf of the relevant Shareholders. The net proceeds of the sale, after the deduction of the expenses of the sale, are expected to be paid in due proportion to the relevant Shareholders on Wednesday, 17 October 2012. The value of any Shareholder's fractional entitlement will not exceed the value of one New Ordinary Share. As at the close of business on Tuesday, 11 September 2012 (being the last practicable date prior to the posting of the Circular) when the closing mid-market price per Existing Ordinary Share was 1,619 pence and there were 291,613,946 Existing Ordinary Shares in issue, the total amount of the Special Dividend was equivalent to 6.70 per cent. of the market capitalisation of the Company. The effect of the Share Consolidation will be to reduce the number of Ordinary Shares in issue by approximately the same percentage. As all ordinary shares in the Company will be consolidated, each Shareholders' percentage holdings in the total issued share capital of the Company immediately before and after the implementation of the Share Consolidation will (save in respect of fractional entitlements) remain unchanged.
14 September 2012 InterContinental Hotels Group PLC ("IHG" or the "Company") Special Dividend and Share Consolidation: Publication of Circular On Tuesday, 7 August 2012, the Board of IHG announced its intention to return US$1 billion of funds to Shareholders via a Special Dividend with a Share Consolidation of US$500 million and a Share Buyback Programme of US$500 million. The Board of IHG today announces it is publishing a circular (the "Circular") setting out full details of the proposed Special Dividend and associated Share Consolidation and convening a General Meeting to be held at 10.00am on Monday, 8 October 2012 at the Holiday Inn London Bloomsbury, Coram Street, London WC1N 1HT. Special Dividend It is proposed that the amount of the Special Dividend is US$1.72 (108.4 pence) per Existing Ordinary Share. The Board is proposing to pay the Special Dividend to Shareholders on the Register as at 6.00pm on Monday, 8 October 2012 in sterling and to ADR holders on the ADR register as at 4.00pm (New York time) on Monday, 8 October 2012 (being the close of business on the day before the ADR effective date) in US dollars, in each case as an interim dividend in respect of the financial year ending 31 December 2012. The Special Dividend is expected to be paid to Shareholders and holders of ADRs on Monday, 22 October 2012.
http://www.investegate.co.uk/Article.aspx?id=201209140700102527M