InterContinental Hotels Group confident despite missing targets

InterContinental Hotels Group (IHG) has posted a 1.5% rise in first-quarter global room revenue, missing analysts’ estimates, but said it was confident for the rest of the year, citing current trading trends and brand momentum.

Shares in IHG fell as much as 2.5% in early trading, making the stock one of the initial top losers on Britain’s Ftse 100 index.

“I think RevPAR was a bit below our expectations of about 2% and we expect shares to be a touch weaker,” Berenberg analyst, Stuart Gordon, said.