The group, formed following the demerger last week of SixContinents, has been badly affected by the war in Iraq and then theSARS virus. Chief executive Richard North described the conditionsas some of the worst the industry has ever encountered.

Worst hit was InterContinental's Europe, Middle East and Asiabusiness. With US visitors choosing not to travel, the divisionsuffered a 9.6% fall in revenues per room during March. Thefortunes of the UK-based Holiday Inn were similarly hit with Londonreporting a 9.2% fall in guests. In America, performance held upbetter and the InterContinental brand achieved revenue growth of3.7% for the month.

The company has also estimated the cost of the demerger andfighting off a takeover bid by Hugh Osmond at £129 million ($205.5million).

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