IHG CEO Cites Strong First-Half Performance
Tuesday August 5th, 2014 - 11:46AM BX
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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 •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.