InterContinental puts Australian hotels portfolio on the market

Two weeks after clinching its £1b deal to sell 73 hotels, InterContinental seems set to put its entire Australian portfolio on the market.
Up for sale will be 11 hotels - including the Holiday Inn at Sydney Airport and the Crowne Plaza in Canberra - with an estimated net value of £130m.
The move continues InterContinental's disposal of "bricks and mortar" assets, with the company expected to continue running the hotels by negotiating long-term management contracts. It aims to return £2b to shareholders as a result of all the sales.
An industry insider said: "Now the UK estate has been sold this doesn't surprise me, as this is all part of their capital-release programme."
However, the move will surprise those who had predicted that InterContinental's European portfolio, where the bulk of its owned hotels are located, would be put on the market next.
InterContinental declined to comment on the speculation, although it is expected that an announcement will be made next month.