The Windsor-headquartered group, which also operates Crowne Plaza hotels, switched to US dollar reporting for the first time. It said America in particular was proving challenging.
Revenues per available room - a key performance indicator for the hotel industry - rose four per cent, on a constant currency basis, in the first six months of the year. However, this slowed to 3.4 per cent in July - 1.5 per cent in the US.
Half-year underlying operating profits rose to £149.4m for continuing operations, from £115.7m a year ago, the group said. The group said conditions were set to become more challenging in the second half, but added that its big expansion of hotel rooms would help offset the downturn.
InterContinental, which earns nearly 70 per cent of its profit in the US, has suffered along with other US hoteliers from a slowing domestic economy, with oil prices rising sharply and airlines cutting back on flights.
Andrew Cosslett, chief executive, said: "Market conditions have become more challenging, particularly in the US.
"However, the long-term trends for the travel industry remain positive, and our broad portfolio of brands and fee-based business model position us well to take full advantage of this."
He added that the multi- million pound revamp of its global Holiday Inn chain was `progressing well', with encouraging feedback from franchisees and guests.
Mr Cosslett argued that nearly as much growth was coming from the boost in global room numbers as from the increase in revenue per available room.
"Each day we are opening one new hotel and signing up two into our pipeline," he added.
InterContinental shares rose 1.3 per cent to 760.5p, as analysts said results met forecasts.
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