Intercontinental Hotels Group has seen its profit slide by 18% amid political and economic uncertainty in some of its key markets.
In the first half of the year, the owner of Holiday Inn posted a pre-tax profit of £224m, down from £274m for the same period in 2013.
But the company was upbeat about its prospects, with chief executive Richard Solomons saying he is "encouraged by current trading trends".
Headquartered in Denham, Buckinghamshire, IHG owns 4732 hotels across the world with 693,072 rooms.
The key industry measure of revenue per room was up 5.8% in the half year for IHG – its growth in Europe was led by the UK, which reported an 8.7% boost.
There was a 47% surge in people booking their holidays using mobile devices compared to 2013.
Despite analysts welcoming a 9% increase in dividend paid out per share, the markets have reacted negatively to Tuesday's results, with IHG's share price down over 3% in lunchtime trading.
The hotel group owns 16 hotels in Thailand, where it expects political instability to have a £1.2m impact on managed operating profit in the second half of the year.
It also owns 14 hotels in Russia and two in Ukraine.
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