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IHG completes sale of 23 hotels

04 May 2006 by

InterContinental Hotels Group (IHG) has announced the legal completion of its sale of 23 properties in Continental Europe.

Westbridge Hospitality Fund bought the hotels in a €352m (£242m) deal originally announced in March, along with 15-year franchise contracts.

The Crowne Plaza, Holiday Inn and Express by Holiday Inn-branded hotels generated £97m turnover and operating profit of £19m in 2005.

IHG expects the deal to generate about £2.7m of franchise fees per annum.

It also marks the final tranche of disposals in IHG's stated plan to sell off 175 hotels, worth more than £2.8b, and return £2.75b to shareholders.

The disposal of the Holiday Inn Vienna South has yet to complete.

By Emily Manson

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