InterCon's results full of ups and downs

InterContinental Hotels (IHG), the operator of InterContinental, Crowne Plaza and Holiday Inn, reported that third quarter operating profit fell 7% to US $115 million.

However, revenue rose 5% to $ 421 million, although this was also below estimates, which predicted revenue of $430 million.

There was good news in the form of revPAR rising by 8%, but the share price fell 5.9%.

"The quarter saw a return to rate growth for the first time since early 2009, a clear sign that the recovery is gathering pace," said chief executive Andrew Cosslett in a statement.