In the capital the company saw “more hotels coming in in the first quarter, but demand [for rooms] did not grow in line with this”. The operator of the InterContinental Park Lane is up against entrants including Shoreditch’s five-star Courthouse Hotel, which opened this week.
The firm, which is also behind the Holiday Inn brand, opened 38 hotels in the period, bringing its total portfolio to 5,028 properties worldwide.
Shares dipped 31p to 2665p. Analysts at Stifel said: “While the statement indicates that the company has made a good start to the year, progress is slower.”
