InterContinental says recovery is years away!
LONDON, England - August 11, 2009 - InterContinental Hotels, the world's biggest hotelier, said a recovery for the industry might be two years away after reporting first-half profit that fell but beat forecasts.
The group, which operates the InterContinental, Crowne Plaza and Holiday Inn brands, declined to call the bottom of the hotel market as the economic downturn continued to crimp the travel budgets of its key customers from the business community.
"We can't see any sign of recovery and it could be two years before we get back to levels of travel we were at before," Chief Executive Andrew Cosslett told a results briefing on Tuesday.
The firm's shares were down 1% at 750.5 pence by 9:52 a.m. in a slightly firmer overall market.
"This is one of the toughest years on record with little respite and it will continue to be challenging this year and into next," said Cosslett.
The group, which operates the InterContinental, Crowne Plaza and Holiday Inn brands, declined to call the bottom of the hotel market as the economic downturn continued to crimp the travel budgets of its key customers from the business community.
"We can't see any sign of recovery and it could be two years before we get back to levels of travel we were at before," Chief Executive Andrew Cosslett told a results briefing on Tuesday.
The firm's shares were down 1% at 750.5 pence by 9:52 a.m. in a slightly firmer overall market.
"This is one of the toughest years on record with little respite and it will continue to be challenging this year and into next," said Cosslett.
