InterContinental Hotel Group has announced that its revenue increased 6 percent to US$1.63 last year following the relaunch of Holiday Inn and an increase in business travel. The hotel group’s net profit soared 38 percent to US$293m. “2010 was an excellent year for IHG,” said Andrew Cosslett, CEO of IHG. “After a slow start to the year, the industry staged the sharpest recovery in its history, exceeding all expectations. By focusing on our brands and using our scale, we delivered 6% growth in revenue per available room (RevPAR).” The hotel group now plans to launch a new upper mid-scale hotel brand in China at the end of this year and double its operations in China, India and the Middle East. Speaking at a press conference, Cosslett said the new hotel brand would sit between the Crowne Plaza and InterContinental styles.