16th Jan 2007 10:28
InterContinental Hotels Group PLC16 January 2007 16 January 2007 INTERCONTINENTAL HOTELS GROUP ANNOUNCES SALE OF CROWNE PLAZA LONDON - THE CITY InterContinental Hotels Group PLC ("IHG") today announces it has sold its 33.3%interest in the Crowne Plaza London - The City to Grupo Statuto, a leadingItalian real estate investor. The hotel has been sold for gross proceeds of£81m. IHG's net proceeds after debt repayments are £18m, £11m in excess of netbook value. The Crowne Plaza London - The City (203 rooms) has been sold with a 17 yearCrowne Plaza management agreement, with a 5 year renewal option. Further transaction details 1. The management agreement signed in respect of the Crowne Plaza London - The City will generate ongoing fees for IHG expected to be in excess of £0.7 million per annum. 2. IHG accounted for Crowne Plaza London - The City as an investment under IFRS, so its earnings were not consolidated. Since Separation in April 2003, including today's announcement, IHG hasannounced the disposal of 176 hotels with proceeds of approximately £3.0billion. A list of IHG's owned and leased properties detailing those disposedof, on the market and not on the market is available at http://www.ihgplc.com/investors For further information, please contact: Investor Relations (Paul Edgecliffe-Johnson, Heather Ward): +44 (0) 1753 410 176 Media Enquiries (Leslie McGibbon): +44 (0) 1753 410 425 +44 (0) 7808 094 471 Note 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,over 3,650 hotels and 543,775 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(R), andalso manages the world's largest hotel loyalty programme, Priority Club(R)Rewards with over 30 million members worldwide. 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 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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