New Hotel Chain for China
InterContinental Hotels Group, the world's largest hotel operator by number of rooms, is to launch a new upper mid-scale hotel brand in China by the end of the year.
The London-based group estimates that China will overtake the US as the world's biggest hotel market by 2025.
InterContinental plans to more than double the size of its operations in the emerging markets of China, India and the Middle East over the next few years.
Chief executive Andrew Cosslett, who was reporting the group's annual results, said the new hotels would be positioned between its upscale chain Crowne Plaza and luxury brand InterContinental.
For 2010, net profit rose by a strong 38% to $293 million. Revenue rose 6% to $1.63 billion last year as the recovering global economy boosted business travel.