InterContinental Hotels Group snaps higher after remarks from US rival

First quarter profits at Starwood Hotels edged higher in the first quarter.

Earnings per share, excluding special items, printed at 65 cents, coming in well ahead of the 56 cents anticipated by analysts.

Particularly worth noting, the announcement that they are to explore strategic alternatives light a fire under the shares of InterContinental Hotels Group (IHG).

As of 13:32 shares in IHG were higher by 5.39% to 2,955p - and in the process setting a fersh 52-week high.