InterContinental shares rise as it plans China expansion

[photopress:holiday_Inn_Hangzhou.jpg,full,alignright]Shares of InterContinental Hotels rose after the hotel operator detailed its expansion plans for China.

InterContinental has close to 30,000 rooms planned for China more than doubling its size.
China is the fastest growing hotel market in the world, with 177 cities each housing a population of more than 1 million people.

Of the 360,000 new hotel rooms expected in China by 2010, approximately 60% are expected to be in the lower-end of the market. This is a plus for InterContinental as the company's strength lies with its Holiday Inn, Holiday Inn Express and Crowne Plaza brands.
Source: Forbes