InterContinental to Dispose of Seven Hotels
LONDON, UK, January 31, 2006. InterContinental Hotels Group is putting seven hotels across Europe up for sale as part of its strategy to reduce its asset ownership.
The sale of the hotels-in Amsterdam, Budapest, Cannes, Rome, Frankfurt, Madrid, and Vienna--is expected to take up to nine months. IHG did not name any potential buyers.
IHG, the world's largest hotel company, also plans to sell a portfolio of European mid-price Holiday Inn hotels that will keep the brand name. IHG has not specified the number of properties in the portfolo nor when they will be placed on the market.
The two hotel portfolios are worth 600 million pounds (US$1.06 billion) and are the last group of hotels that IHG had earlier announced it was going to sell.
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