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InterContinental Hotels Banks on Holiday Inn
Investors are checking into InterContinental Hotel's(IHG Quote) mid-scale business model, sending shares of the company rising. Despite tumbling revenue per available room and reduced spending, the stock was up 5% to $10.36 in morning trading.
With the relaunch of Holiday Inn during the quarter, InterContinental is boosting its value message, which CFO Richard Solomons says makes the company more resilient during difficult times.
During the quarter profit dropped to $27 million from $62 million the year prior. ...
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