Jones Lang LaSalle Hotels advise on the EUR315 million sale of InterContinental Hotel Paris
LONDON, UK, September 8, 2005. Jones Lang LaSalle Hotels advised InterContinental Hotels Group PLC ("IHG") today in the sale of the InterContinental Hotel Paris to an affiliate of GIC Real Estate Pte Ltd ("GIC"), the real estate investment arm of the Government of Singapore Investment Corporation, for a price (before transaction costs) of EUR315 million in cash (approximately lb214 million), EUR65 million (approximately lb44 million in excess of net book value). The transaction is expected to complete in the fourth quarter of 2005.
IHG will continue to own its flagship InterContinental in Paris, the 477 room InterContinental Le Grand, which has been recently refurbished. Andrew Cosslett, Chief Executive of InterContinental Hotels Group, commented, "In line with our strategy, this sale further reduces the capital IHG has invested in real estate and with the presence of the flagship InterContinental Le Grand Paris the Group retains excellent distribution in this key city."
Since Separation in April 2003, including today's announcement, IHG will have sold or agreed to sell 139 hotels with proceeds of approximately lb2.2 billion. Five properties remain on the market.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
