InterContinental Hotels Group Revenues rise
Due to an increasing demand in the business travel sector, InterContinental Hotels Group’s revenues raised by 6.7% in the third quarter of this year. 70% of the key hotel operator’s profit comes from the US. The firm reports that their profit from every rented room also increased by 7.9%.
The company possesses 557 redesigned Holiday Inns. A recently signed deal makes the Venetian and the Palazzo, two of Las Vega’s best know hotels, two additional venues of the co-operation. The addition guarantees the company access to the Las Vegas real-estate market that is build on casino accommodations.
In total InterContinental owns approximately 3,500 hotels in the United States which makes it the globe’s largest hotel owner.
President of InterContinental America, Jim Abrahamson comments on the newest business deal: “The group meeting and convention facilities here are without peer. is right at the top of the list”. Las Vegas’ revenue for strip gambling increased by 21 % in August as well as the amount of visitors compared to last year.
Nevertheless, experts always point at the difficulty Las Vegas faced in the last years. Inter Continental’s Chief Operating Officer, Mike Leven, points out: “Our group business bookings are up for 2011, but rate is difficult to get because of the competitive situation. There’s an awful lot of rooms in Vegas. Visitation is up about 4 percent, but room supply is up 5 percent, and it’s particularly up in our luxury category.”