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InterContinental’s revenue for the first six months came in at $338 million, well ahead of the expected $323 million. The company’s Middle East and Africa business has been the best performing, with revenue rising by 6.2%, followed by North America’s increase of 4.7%. With the US being IHG’s largest market, the figures have seen the most significant boost from its US exposure. The cooling of the Chinese economy has also been reflected in relatively stagnant growth for the region, while the European market remains weak.
Over recent years the company has been working to reorganise its business plan and this has involved the stripping of historic assets, in part to repay shareholders, as well as for new ventures with better growth potential. To this end IHG sold off its London Park Lane hotel for £301.5 million in March earlier this year and is currently seeking buyers for its New York Barclay hotel. This has helped to enable the company to offer shareholders a special one-off dividend of $350 million.
IHG’s slow and steady growth is reflected in one of the more solid looking company charts, and the news regarding the increased dividend should ensure that it remains on this course.