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InterContinental profits fall 19%

LONDON (AP) — InterContinental Hotels Group PLC, which operates InterContinental hotels, Crowne Plaza and Holiday Inn, reported yesterday that net profit fell 19 percent in 2009 to $214 million.

Revenue also fell by 19 percent to $1.54 billion, and the company said it anticipated another tough year in 2010.

InterContinental shares fell 1.2 percent to 909.5 pence on the London Stock Exchange.

Revenue per available room, a key industry measure, declined 14.7 percent on a constant currency basis for the year, including a 10.9 percent year-on-year drop in the fourth quarter.

Revenue per available room was down 15.9 percent in the Americas, 14.8 percent in Europe and Middle East, and 13.5 percent lower in Asia and Pacific.