Intercontinental Hotels has reported substantially higher half year profits, boosted by a move to managing and franchising hotels rather than owning them.
It also said its outlook for the year is positive.
But shares of the world’s largest hotelier in terms of rooms slipped with investors disappointed by a lack of news on a cash return to shareholders.
Operating profits rose 30% to 160 million euros in the first six months of this year, with revenue up 14% at six billion euros.
Intercontinental increased the number of rooms it operates to just over 540,000 at 3,600 hotels in almost 100 countries.
Since 2003 it has sold 175 hotels for 4.4 billion euros and returned just over four billion to investors.
The company said it plans to focus on growth in Europe, the US and Asia – particularly China – and it currently has 1,000 hotels in its development pipeline.