IHG CEO Cites Strong First-Half Performance
Tuesday August 5th, 2014 - 11:46AM BX
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
LONDON—IHG reported its half-year results as of June 30, with CEO Richard Solomons asserting the company has achieved a strong first-half performance, noting the company’s preferred brands continued to drive “good momentum” through the second quarter.
“With underlying operating profit up 6% and solid net system growth, our long-term winning strategy is delivering results. This has given us the confidence to increase the interim dividend by 9%.”
The CEO added IHG has experienced its best half for signings in six years, “underpinning our future growth prospects and demonstrating owners' preference for our brands.”
Among the chain’s openings were the first two EVEN Hotels in the United States.
Solomons indicated the company remains committed to being “asset light,” and sold two assets in the first half.
In addition, IHG completed its $500 million share buyback program and in July paid a $750 million special dividend.
Tags: IHG • Richard Solomons • Hospitality • Brands • Quarterly Results •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.