23rd Jun 2005 07:01
InterContinental Hotels Group PLC23 June 2005 23 June 2005 INTERCONTINENTAL HOTELS GROUP ANNOUNCES SALE OF INTERCONTINENTAL THE GEORGE, EDINBURGH InterContinental Hotels Group PLC ("IHG") today announces it has sold theInterContinental The George, Edinburgh (195 rooms). The property will leave theIHG system. The hotel will be operated as part of the Principal Hotelsportfolio. IHG further announces that it has recently sold Brussels Europa SA, the owner ofthe Crowne Plaza Brussels Europa (240 rooms), to Atenor Group SA. A CrownePlaza franchise agreement has been signed. Combined proceeds before transaction costs were £34 million, approximately £4million ahead of net book value. Further transaction details No tax charge arises and no cash tax is expected to be payable as a result ofeither transaction. Since Separation in April 2003, including today's announcement, IHG hasannounced the disposal of 125 hotels with proceeds of approximately £1.8billion. 20 properties remain on the market with a net book value ofapproximately £390 million. Disposals announced today: 2004 2003 £m £mRevenue 12.3 11.9EBITDA 2.5 2.1EBIT 1.8 1.1 Hotels RoomsInterContinental The George, Edinburgh 195Crowne Plaza Brussels Europa 240 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 098 972 Media 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,more than 3,500 hotels and 535,000 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 IndigoTM, andalso manages the world's largest hotel loyalty programme, Priority Club(R)Rewards, with over 24 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.priortyclub.com . For the latest news from InterContinental Hotels Group, visit our online PressOffice at www.ihcplc.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 profile shots of the key executives. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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