LONDON (AP) — InterContinental Hotels Group PLC reported yesterday that net profit fell 43 percent in 2008 to $262 million.

The company, which operates InterContinental hotel, Crowne Plaza and Holiday Inn, said a sharp deterioration in business in the fourth quarter was likely to persist in the current year. In January, it said revenue per available room dropped 12.2 percent, with the worst results in Asia Pacific at 14.8 percent.

"Forward bookings data shows no sign of improvement in levels of demand," the company said. Pretax profit before exceptional items was up 13 percent to $434 million, as revenue rose 4.5 percent to $1.85 billion.