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InterContinental Hotels says Q1 rooms revenue growth up, CEO to retire

Reuters - UK Focus

May 5 (Reuters) - InterContinental Hotels Group Plc on Friday reported faster growth in room revenue for the first quarter and said Chief Executive Richard Solomons would retire this year.

Revenue per available room (RevPAR) grew 2.7 percent in the three months through March 31, up from 1.5 percent a year earlier and from 1.7 percent in the fourth quarter of last year.

The company, which runs hotels under brands such as Crowne Plaza, Holiday Inn and InterContinental, said CEO Solomons would step down from his position on June 30 and be succeeded by Keith Barr, a member of its executive committee who was most recently chief commercial officer.

Barr will take up his position on July 1 and Solomons will retire from IHG on August 30, the company said. (Reporting by Esha Vaish in Bengaluru; editing by Jason Neely)