InterContinental Hotels Group Plc, the world’s largest provider of hotel accommodation, said 2013 profit rose 10 percent. The shares fell after the company said renovation costs will hurt this year’s earnings.
European stocks were little changed, after two days of gains, as a measure of German investor confidence fell more than forecast and the Federal Reserve Bank of New York’s general economic index missed estimates.
Rothesay Life Ltd., the insurer run by former Goldman Sachs Group Inc. Managing Director Addy Loudiadis, agreed to buy a U.K. annuity business with about 3 billion pounds ($5 billion) of assets under management from MetLife Inc.
Starwood Hotels & Resorts Worldwide Inc. and Expedia Inc. among other hotel and Internet travel agencies won dismissal of an antitrust lawsuit after a judge found consumers hadn’t showed the companies conspired to fix room prices.
More than a dozen Chinese developers gathered for breakfast at a Los Angeles hotel one Sunday earlier this month before taking off for meetings with property brokers, attorneys and potential business partners.