London's 10 new hotels in InterContinental expansion

InterContinental today unveiled what it claims is the largest hotel expansion plan in the world, a scheme that will see 37 properties built in the UK, creating 3,000 jobs.

Of those 37, 10 are in London, including two at the site of the Olympic Village.

An InterContinental-branded five-star hotel at
St James's Park in the heart of Westminster is the flashiest of the developments, an indication that for wealthy travellers and businessmen London remains a big attraction.

Across the globe, IHG is plotting 1,200 hotels which will create 160,000 jobs in all, of which 90,000 will be in China.

In the three months to September 30, IHG revenues were up 5% to $421 million (£262 million). Profit slipped 7% to $115 million as the company put aside money for bonuses to thousands of managers who did not get such a payment last year.

IHG brands include Holiday Inn, Crowne Plaza and Hotel Indigo.

City analysts say the long-term picture for the hotel industry is rosy, more people travelling, people living longer with more wealth and the growth in low cost airlines.

IHG shares slipped 37p to 1165p today, valuing the company at £3.4 billion.