InterContinental sells Hong Kong flagship hotel for $938 million

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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.

Source Article from http://www.standard.co.uk/business/business-news/intercontinental-sells-hong-kong-flagship-hotel-for-938-million-10380765.html

July 11, 2015 |
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