InterContinental Hotels Group in October observed "a sharp deterioration in market conditions with preliminary data for the month showing a global revenue per available room decline of 4.5 percent with a decline of 5.7 percent in the U.S.

," according to IHG CEO Andy Cosslett. "Throughout 2008, we have been controlling costs and capital spending tightly and we are taking necessary steps to manage both to be below this year's levels in 2009." The company's net income fell 28 percent year over year to $91 million in the quarter ending in September. Total average daily rates in the Americas grew 4 percent to $106.78.