But only days before North, CEO since ICH's demerger from Six Continents 18 months ago, won plaudits for delivering a 55% jump in first-half profits and promises to return euro 1.5 billion ($1.8 billion) to shareholders through the euro billion 3.2 ($4 billion) of asset disposals.

Shareholders that GlobeSt.com spoke to had not called for it and neither had Hermes, the most activist of shareholders. North himself admitted to being "shocked" at the decision and added, "I have had a very positive reaction from shareholders."

Mark Finnie, leisure analyst at Deutsche Bank, said: "It is certainly unusual for someone who has presided over such a strong share-price performance to be discharged in such a brutal fashion."

Webster justified the decision of the non-executive directors. "There are a lot of boardrooms where the non-executive directors sat back and did not take action when, demonstrably, action was needed," he said. "No one saw a need to take action at this point. But it was my view that the need would clearly emerge in the months ahead. We are doing what we have to do."

Already the city is turning its attention to who might replace North. Analysts have ruled out Richard Solomons, ICH's finance director, because of the board's preference for a brands-and-marketing expert. With capital in ICH being released following a massive asset disposal program, marketing the group's portfolio of brands, which include Crowne Plaza and Holiday Inn, is the company's new priority.

One possibility is Bob Cotter, chief operating officer at Starwood, the US hotel chain. There is also speculation ICH may seek to poach someone from Marriott International now that the two companies have a similar business model.