Hotel giant says ‘growing middle class’ boosted hotel demand despite Middle East hit

Global hotel giant IHG told CNBC a "growing middle class" is boosting travel demand, as it reported a boost in profits despite the Middle East conflict.The U.K. company, owner of brands like Holiday Inn, Holiday Inn Express, Crowne Plaza, and Six Senses, reported Tuesday that operating profits from reportable segments grew 10% in the first half of the year to $665 million. Revenue from reportable segments was up 7% to $1.3 billion while global revenue per available room, "RevPAR," grew 4.1%.While RevPAR was up 4.4% in the first quarter compared to the previous year, growth slowed in the second quarter to 3.5% as the impact of the U.S.-Iran war and the travel slump in the Middle East region were felt. IHG's shares were last seen down nearly 1.9%. The company said accelerated growth in the U.S., Asia Pacific, and Europe helped offset the disruption from the Middle East conflict. IHG CEO Elie Maalouf said on CNBC's "Squawk Box Europe" on Tuesday that the results reflected "people's strong preference for experiences over goods.""People that are rising in wellbeing, rising in wealth, retiring, doing well in their careers around the world, the growing middle class — they want to spend mo...