17th Feb 2005 07:02
InterContinental Hotels Group PLC17 February 2005 INTERCONTINENTAL HOTELS GROUP PLC LEGAL COMPLETION ON SALE OF 12 HOTELS IN THE AMERICAS InterContinental Hotels Group PLC ("IHG") announces the legal completion on thedisposal of 12 of the 13 hotels being sold in the Americas to HospitalityProperties Trust ("HPT"), the terms of which were announced on 17th December2004. $395 million of net disposal proceeds relating to the 12 hotels disposed of havebeen received. Legal completion on the disposal of the remaining hotel, theInterContinental Austin, Texas, is due to occur in May 2005 to meet certain taxrequirements, at which time a further $30 million of disposal proceeds areexpected to be received. IHG will receive an additional $25m in instalments overthe next three years for future capital expenditure on the properties beingdisposed of. For further information, please contact: Investor Relations (Gavin Flynn/Paul Edgecliffe-Johnson) +44 (0) 1753 410 176 Media Affairs (Leslie McGibbon) +44 (0) 1753 410 425 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 franchises, manages, leases or owns,through various subsidiaries, more than 3,500 hotels and 536,000 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 program, Priority Club(R) Rewards, with more than 23 millionmembers worldwide. In addition to this, InterContinental Hotels Group has acontrolling interest in Britvic, the second largest soft drinks manufacturer inthe UK. 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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