InterContinental Announces Sales
InterContinental Hotels Group PLC today announces it has agreed to sell its
leasehold interest in the Crowne Plaza United Nations in New York to Halifax
Holdings, Inc, an affiliate of Highgate Holdings, for $34 million, marginally in
excess of net book value. Completion is expected to occur in the near future.The Crowne Plaza United Nations (300 rooms) has been sold with a 10 year Crowne Plaza franchise agreement.
IHG further announces the legal completion on the disposal of 73 hotels being sold in the United Kingdom to LRG Acquisition Limited, a consortium comprising Lehman Brothers Real Estate Partners, GIC Real Estate and Realstar Group (“LRG”), the terms of which were announced on 10th March 2005.
£960 million disposal proceeds have been received in cash, with an additional £40 million to be received subject to meeting performance targets over the next 3 years.