InterContinental Hotels Group reported first-quarter operating profit of $83 million compared with $72 million a year earlier

. Worldwide average daily rate declined 4.5 percent year over year to $103.22 and occupancy increased 2.7 percentage points to 57.2 percent. "Business travel is returning although at this stage mainly to the luxury end of the market, which was most affected by the recession," said CEO Andrew Cosslett. "We expect the more resilient midscale sector to benefit from this trend as the year progresses and market norms are reset."