InterContinental Hotels in profit as economy reopens

London, United Kingdom Feb 22-InterContinental Hotels Group on Tuesday said it returned to annual profit as governments shed Covid curbs, boosting the world’s appetite for travel.

IHG, whose brands include also Crowne Plaza and Holiday Inn, booked net profit of $266 million (235 million euros) last year after a loss after tax of $260 million in 2020.

Revenue rallied more than a fifth to $2.9 billion in 2021.

“As vaccination rates rise and restrictions are lifted around the world, we are seeing the demand for travel increase,” chief executive Keith Barr said in the earnings statement.

“While there may be unexpected challenges ahead, we are confident in our ability to respond and adapt to what consumers and owners need as we position IHG for strong future growth.”

Global revenue per available room (RevPAR) — a key industry measure — recovered to 70 percent of its pre-pandemic level for IHG.

The group’s management recommended reinstating a shareholder dividend, helping IHG’s share price to jump 2.6 percent in morning deals on London’s FTSE 100 index, which was down overall.

IHG franchises, leases, manages or owns almost 6,000 hotels in more than 100 countries.