Adjusted earnings per share was unchanged from last year at 158.3 cents, the Denham, England-based company said in a statement Tuesday. Analysts predicted 155.6 cents, the average of 23 estimates compiled by Bloomberg. Revenue per available room, an industry measure of occupancy and rates known as revpar, increased by 6.1 percent.
InterContinental in December agreed to buy the Kimpton Hotels & Restaurants for $430 million, gaining a boutique chain with high-end properties in cities across the U.S. The purchase will add 62 properties in 28 cities, an exception to the company’s decade-long strategy of reducing the amount of property it owns.
“We expanded our brand portfolio and strengthened our position in boutique hotels, the fastest growing segment in the industry over last five years,” Chief Executive Officer Richard Solomons said in the statement.
Full-year revenue declined 2.4 percent to $1.86 billion. Net income climbed to $391 million from $372 million a year earlier.
To contact the reporter on this story: Ross Larsen in London at email@example.com To contact the editors responsible for this story: Andrew Blackman at firstname.lastname@example.org.
This article was written by Ross Larsen from Bloomberg and was legally licensed through the NewsCred publisher network.