February 20, 2018 / 7:25 AM / 4 months ago

IHG puts special payouts on ice as it announces strategic review

Feb 20 (Reuters) - InterContinental Hotels Group (IHG) said it would not pay out any additional capital to investors in 2018 as it announced a better-than-expected profit for 2017 and a new strategy to speed growth.

The operator of Crowne Plaza, Holiday Inn and InterContinental hotels plans to launch an upscale brand in 2018 and to target a return of about $125 million in annual savings by 2020, it said.

The group reported a 7 percent rise in 2017 operating profit to $759 million, above the $752.1 million analysts’ forecast provided by IHG and the $707 million it earned a year earlier. (Reporting by Esha Vaish in Bengaluru; editing by Jason Neely)

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