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Intercontinental Hotels to unveil strong results
Feb 17, 2013 (Financial Mail on Sunday - McClatchy-Tribune Information Services via COMTEX) --
HOTELS group InterContinental is expected to reveal strong annual results on Tuesday as demand for rooms remains buoyant in America and Europe despite the poor global economy.
IHG, headed by Richard Solomons, was one of the official sponsors of the London 2012 Olympics and Paralympics with its Holiday Inn brand.
The company also owns the Crowne Plaza and Hotel Indigo chains as well as the flagship InterContinental brand. It is estimated that pre-tax profits will be about pounds sterling 355 million, up from pounds sterling 343 million the previous year, on sales of pounds sterling 1.8 billion.
IHG is expected to complete the pounds sterling 220 million sale of its Barclay hotel in New York later this year and the InterContinental London Park Lane next year for about pounds sterling 260 million, which could cut its debt and return pounds sterling 640 million to investors.
___ (c)2013 Daily Mail (London, ) Visit the Daily Mail (London, ) at
www.dailymail.co.uk/home/index.html Distributed by MCT Information Services
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