4th Apr 2005 07:01
InterContinental Hotels Group PLC04 April 2005 4 April 2005 INTERCONTINENTAL HOTELS GROUP PLACES FURTHER HOTELS ON THE MARKET InterContinental Hotels Group PLC ("IHG") announces that it has today placed afurther ten hotels on the market, located in Australia, New Zealand and Fiji. The 10 hotels comprise the InterContinental Wellington in New Zealand, threeCrowne Plazas and five Holiday Inns in Australia and a Holiday Inn in Fiji. This announcement is a continuation of IHG's strategy of growing its managementand franchise businesses and reducing asset ownership. This has so far resultedin the disposal of 121 hotels with a net book value of £1.77bn, realising£1.75bn of proceeds, with 106 of the hotels disposed being sold with amanagement or franchise contract. In addition to the hotels sold to date, IHGcontinues actively to progress the sale of a further 16 hotels previouslyannounced as being for sale, with a net book value of £360m (excluding thehotels announced for sale today). IHG further announces that the investment by Strategic Hotel Capital, Inc in 85%interests in the InterContinental Chicago and the InterContinental Miami in theUnited States, announced on 28th February 2005, has now completed. IHG hasreceived approximately $287m in cash (before transaction costs) based upon atotal value for both hotels of US$303.5m, $12m in excess of net book value. Further details of hotels announced for sale today: Hotel Rooms InterContinental Wellington, New Zealand 231Crowne Plaza Terrigal, Australia 196Crowne Plaza Coogee Beach, Sydney, Australia 207Crowne Plaza Canberra, Australia 295Holiday Inn Potts Point, Sydney, Australia 288Holiday Inn City Centre, Perth, Australia 181Holiday Inn On Flinders, Melbourne, Australia 200Holiday Inn Townsville, Australia 197Holiday Inn Melbourne, Australia 383Hi Suva, Fiji 130 Total 2,308 For further information, please contact: Investor Relations (Gavin Flynn, Paul Edgecliffe-Johnson): +44 (0) 1753 410 176 +44 (0) 7808 098 972Media Enquiries (Leslie McGibbon): +44 (0) 1753 410 425 +44 (0) 7808 094 471 Notes to Editors InterContinental Hotels Group PLC of the United Kingdom (LON:IHG, NYSE:IHG(ADRs)) is the world's most global hotel company and the largest by number ofrooms. InterContinental Hotels Group owns, manages, leases or franchises,through various subsidiaries, more than 3,500 hotels and 534,000 guest rooms innearly 100 countries and territories around the world. The Group owns aportfolio of well recognised and respected hotel brands includingInterContinental(R) Hotels & Resorts, Crowne Plaza(R) Hotels & Resorts, HolidayInn(R) Hotels and Resorts, Holiday Inn Express(R), Staybridge Suites(R),Candlewood Suites(R) and Hotel IndigoTM, and also manages the world's largesthotel loyalty programme, Priority Club(R) Rewards, with more than 24 millionmembers worldwide. In addition to this, InterContinental Hotels Group has acontrolling interest in Britvic, the second largest soft drinks manufacturer inthe UK. InterContinental Hotels Group offers information and online reservations for allits hotel brands at www.ichotelsgroup.com and information for the Priority ClubRewards programme at www.priorityclub.com. For the latest news from InterContinental Hotels Group, visit our online PressOffice at www.ihgplc.com/media. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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