IHG plans 160,000 new jobs, but posts 7% profit dip

IHG has revealed plans to open 1,200 hotels worldwide, creating 160,000 jobs, after posting a 7% drop in gross profit on last year in its third-quarter results.

IHG plans 160,000 new jobs, despite 7% profit dip
IHG plans 160,000 new jobs, despite 7% profit dip

IHG plans to open 37 new UK hotels, creating 3,000 jobs over the next few years. The worldwide expansion will come from IHG's Inter Continental Hotels & Resorts, Holiday Inn, Crowne Plaza and Hotel Indigo brands.

Meanwhile, its third-quarter results showed operating profit to be down from $124m (£77m) last year to $115m (£71m). However, IHG said that excluding the impact of performance-based long-term incentive costs, operating profit actually increased 19% in this period.

Total gross revenue from all IHG's hotels came to $5.1bn (£3.2bn), up 13% at constant currency. It also demonstrated a global constant currency third quarter revenue per available room (RevPAR) growth of 8.1%, with occupancy growth of 4% and rate growth of 1.8%.

Net debts, totalling $801m (£496m), are down $358m (£222m) on 30 September 2009.

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