Six Continents Splits Out Hotels As Separate Co.

Six Continents PLC, the London-based company whose holdings include such hotel brands as InterContinental, Crowne Plaza and Holiday Inn, yesterday announced that it will break itself into two entities.

In a move that will give its leading hotel brand greater recognition, the company's hotel business and smaller European soft drinks unit will be known as InterContinental Hotels Group, while the retail businesses will be Mitchells & Butlers. Effective April 15, each unit will have its own stock and management.

According to the company, the new arrangement enables it to obtain a more accurate assessment of its hotels' performance. Richard North, who had been CFO of Six Continents, becomes CEO of IHG. Stevan Porter remains president of the Americas for IHG, which is based in Atlanta.