Intercontinental Hotels 1Q Profit Down 56 Pct

ROBERT BARR

LONDON (AP) — InterContinental Hotels Group PLC, whose chains include Crowne Plaza and Holiday Inn hotels, reported Tuesday that first quarter net profit fell 56 percent to $27 million, hit by weaker consumer spending during the recession and strong competition, which depressed room charges.

The profit figure included exceptional costs of $21 million for a final payment to the U.K. pension fund and $5 million for the relaunch of Holiday Inn. Revenue was down 24 percent to $342 million.

Intercontinental Hotels shares rose 5 percent to 691 pence on the London Stock Exchange. ...