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Holiday Inn-Owner IHG Shares Hit Record High

InterContinental Hotels rose to a record high after the Holiday Inn owner reported better-than-expected 2016 profits and boosted its dividend payment amid ongoing pressure from new entrants such as Airbnb

InterContinental Hotels (IHG) - Get InterContinental Hotels Group PLC Sponsored ADR Reportrose to an all-time high Monday after the Holiday Inn owner reported better-than-expected 2016 profits and boosted its dividend payment amid ongoing pressure from new entrants such as AirBnB.

IHG, one of the world's largest hoteliers, whose brands include Crowne Plaza and InterContinental, posted a 4% rise in operating profit to $707 million against analysts' forecasts of $695 million.

The hotel group said that it would return $400 million to investors through a special dividend and share consolidation. The special dividend will be paid in the second quarter of 2017, IHG said, it also announced an 11% increase in the total dividend to 94 cents a share.

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