3rd Sep 2014 10:52
LONDON (Alliance News) - Christie Group PLC Wednesday said that Christie + Co, its provider of agency and advisory services, has advised on the sale of 19 Holiday Inn hotels by LRG Holdings Ltd to Kew Green Holdings Ltd.
In a statement, Christie Group said the completed acquisition increased Kew Green's portfolio of Holiday Inn hotels to 38, making it InterContinental Hotels Group PLC's largest Holiday Inn franchise partner in Europe.
The hotels are located throughout the UK, Christie Group said. They will continue to trade as Holiday Inns under a new franchise agreement and undergo "extensive" refurbishment over the next "few" years.
According to Christie, the portfolio was sold for "significantly above" the GBP70.0 million guide price.
"Kew Green's acquisition of this portfolio once again demonstrates the strong demand for well-located regional hotels, following the sales by Christie + Co earlier this year of the Menzies and QMH hotel portfolios in the UK - like the LRG package, sold for over the original guide price," Jeremy Hill, director and head of hotels at Christie + Co, said in a statement.
Christie Group shares were Wednesday quoted down 1.5% at 128.00 pence.
By Samuel Agini; [email protected]; @samuelagini
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