IHG Sells Paris Hotel
PARIS, EU, September 9, 2005. InterContinental Hotels Group today announces it has agreed to sell the InterContinental Hotel Paris to DABICAM SAS, a wholly owned affiliate of GIC Real Estate Pte Ltd, 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, at which point the hotel (438 rooms) will exit the IHG system.
The transaction may be subject to shareholder approval, if required. 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."
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