InterContinental Hotels Group plc reported a pre-tax profit of £130 million (US$261 million) for the first half of 2007

, down 14 percent from the same period last year. Continuing operating profit increased 5 percent to £111 million (US$222 million). CEO Andrew Cosslett noted that "strong demand with relatively low levels of new supply is driving up room rates." Average daily rates across the company's portfolio--including such brands as Crowne Plaza, InterContinental and Holiday Inn--increased 5 percent in Europe, the Middle East and Africa; 6 percent in the Americas; and 7 percent in Asia-Pacific.