24th Nov 2005 12:25
InterContinental Hotels Group PLC24 November 2005 24 November 2005 INTERCONTINENTAL HOTELS GROUP ANNOUNCES SALE OF CROWNE PLAZA BIRMINGHAM CITY InterContinental Hotels Group PLC ("IHG") today announces it has sold itsleasehold interest in the Crowne Plaza Birmingham City (284 rooms) to CentreIsland Birmingham Limited for £24.4 million (before transaction costs),approximately £3m ahead of net book value. The Crowne Plaza Birmingham City has been sold with a 20 year Crowne Plazafranchise agreement. Centre Island Birmingham is part of the Centre IslandHotels Group which is an existing IHG franchisee with six other properties inthe UK, Crowne Plaza Liverpool, Holiday Inn Ashford North, Holiday Inn EllesmerePort, Holiday Inn Liverpool City Centre, Holiday Inn Preston and Express byHoliday Inn Liverpool Albert Dock. Further transaction details 1. No tax charge arises and no cash tax is expected to be payable as a result ofthis transaction. Since Separation in April 2003, including today's announcement, IHG hasannounced the disposal of 141 hotels with proceeds of approximately £2.3billion. Three properties remain on the market. Disposal announced today: 2004 2003 £m £mRevenue 7.7 7.9EBITDA 1.9 2.8EBIT 1.4 2.1 Hotels RoomsCrowne Plaza Birmingham City 284 A list of IHG's owned and leased properties detailing those disposed of, on themarket and not on the market is available at http://www.ihgplc.com/investors 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 largest hotel group by number of rooms. InterContinentalHotels Group owns, manages, leases or franchises, through various subsidiaries,almost 3,600 hotels and 539,000 guest rooms in nearly 100 countries andterritories around the world. The Group owns a portfolio of well recognised andrespected hotel brands including InterContinental(R) Hotels & Resorts, CrownePlaza(R) Hotels & Resorts, Holiday Inn(R) Hotels and Resorts, Holiday InnExpress(R), Staybridge Suites(R), Candlewood Suites(R) and Hotel Indigo(TM), andalso manages the world's largest hotel loyalty programme, Priority Club(R)Rewards, with over 27 million members worldwide. In addition to this,InterContinental Hotels Group has a 47.5% interest in Britvic, one of the twoleading manufacturers of soft drinks, by value and volume, in Great Britain. 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. High resolution images to accompany this announcement are available for themedia to download free of charge from www.vismedia.co.uk . This includes profileshots of the key executives. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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