IHG Reports 9% Increase in Total Dividends for 2013
Thursday February 27th, 2014 - 10:42AM X
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DENHAM,UK—IHG released its full-year 2013 annual report and reported a 9% increase in total dividends, as well as a 3.8% gain in overall RevPAR and a 4% growth in fee revenue for the year.
In addition, the company reported operating profit before exceptional items came in at $668 million, which represents a 10% increase from 2012. During 2013, IHG opened 237 hotels and signed an additional 444 properties, its highest number in five years.
The company also bought back $283 million of shares during the year, in addition to the $107 million bought back in 2012, leaving $110 million of its existing $500 million share buyback program to complete.
CEO Richard Solomons noted, “2013 marked IHG’s 10th year as a stand-alone company, and was another year of strong performance.”
Tags: IHG • dividends • Hospitality • 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.