InterContinental sells Hong Kong flagship hotel for $938 millionComments Off on InterContinental sells Hong Kong flagship hotel for $938 million
The InterContinental Hong Kong boasts three Michelin-starred restaurants and has been owned by the company behind the Crowne Plaza and Holiday Inn brands since 2001.
The 35-year-old, 503-room hotel is on the Kowloon waterfront, overlooking Victoria Harbour.
Selling it to a consortium advised by Gaw Capital Partners marks the latest move to focus on operating hotels, rather than owning them.
In 2013, it sold its landmark London Park Lane hotel for £301.5 million, and last year agreed the €330 million (£237 million) sale of Paris’s Le Grand hotel.
Since 2003, it has disposed of almost 200 hotels for around $8 billion.
The update pushed InterContinental to the top of the FTSE 100 leader board, jumping 84p to 2690p.
The group will retain a 37-year management contract on the hotel.