InterConti sells Birmingham property

InterContinental Hotels Group is selling its leasehold
interest in the Crowne Plaza Birmingham City to Centre Island Birmingham
Limited for £24.4 million (before transaction costs), approximately £3m ahead of net
book value.
The Crowne Plaza Birmingham City has been sold with a 20 year Crowne Plaza franchise
agreement. Centre Island Birmingham is part of the Centre Island Hotels Group which
is an existing IHG franchisee with six other properties in the UK, Crowne Plaza
Liverpool, Holiday Inn Ashford North, Holiday Inn Ellesmere Port, Holiday Inn
Liverpool City Centre, Holiday Inn Preston and Express by Holiday Inn Liverpool
Albert Dock.
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