Billion dollar windfall for Intercontinental investors – MoneyWeek

Consistentwithourassetlightstrategyandourstrongtrackrecordofreturningfundstoshareholders,wetodayannouncea$1bnreturnofcapital,saidChiefExecutiveRichardSolomons。

ThisrecognisestheexpectedproceedsfromtheongoingdisposalofInterContinentalNewYorkBarclayandourcommitmenttomaintaininganinvestmentgradecreditrating,headded。

Thehotelgroup,whichhas666,873hotelroomsacrosstheworld,reportedrevenuesup3%to$878mwithearningspershareup8%to64c。

Pre-taxprofitsrose60%to£178mandtomakeshareholdersevenmorehappythecompanyisincreasingitsinterimdividendby31%to21c。

FirsthalfglobalRevPARgrowthof6。

5%(rateup3。

5%)withsecondquarterup6。

1%(rateup3。

8%)

RevPARisakeymetricintheindustry,whichiscalculatedbymultiplyingahotelsaveragedailyroomratebyitsoccupancyrate。

ThefirmsawfirsthalfRevPARintheAmericasup7。

1%(US7。

2%),Europeup1。

9%,AMEAup7。

9%andGreaterChinaup9。

7%。

ThecompanyaddedthatprovisionalJulyRevPARsawgrowthof3。

8%overall,withtheAmericasseeing5。

0%,Europedropping0。

2%,AMEArising1。

7%andGreaterChinarising7。

1%。

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