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Hotelier IHG posts higher full-year profit, to return US$1.5b
[LONDON] InterContinental Hotels Group Plc, one of the world's largest hoteliers, reported a 4 per cent rise in yearly profit on Tuesday, boosted by strong demand across all its regions.
The company said it would return US$1.5 billion to shareholders via a special dividend, following the sales of Le Grand InterContinental in Paris for 330 million euros and InterContinental Hong Kong for US$938 million.
IHG, which runs over 5,000 hotels under brands such as Crowne Plaza, Holiday Inn and InterContinental, reported operating profit of US$680 million. Analysts were expecting US$672 million according to a company-compiled consensus.