InterContinental puts 10 more hotels up for sale

InterContinental Hotels Group has confirmed today (4 April) that it is placing 10 of its Antipodean hotels on the market, continuing its strategy of disposing "bricks and mortar" assets.

Those up for sale include the InterContinental Wellington, New Zealand, a Holiday Inn in Fiji and the Crowne Plaza in Canberra, Australia.

This move comes just a few weeks after a £1b deal to sell 73 UK hotels. The company aims to continue running the hotels by negotiating long-term management contracts.

So far, it has sold 121 hotels with proceeds of £1.75b.

A spokesman for InterContinental could not confirm how much would be returned to shareholders as a result of the sales, but said the cash would be used primarily to reduce company debt.

by Victoria Heath

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