InterContinental Hotels Group PLC, the owner of the Holiday Inn hotel chain, on Tuesday reported a 28 percent fall in third-quarter net profit and warned that there had since been a sharp deterioration in market conditions.
The company, which also owns the Crowne Plaza hotels, said that room bookings had remained relatively strong in the three months to Sept. 30 and that the drop in earnings to $91 million from $127 million reflected a number of one-time gains and losses over the comparative quarters.
In the year-earlier quarter, profits were boosted by $42 million of one-time tax credits and sales of the group's hotels. The current third quarter was hit by …
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