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Interconti sells Dublin hotel

11 August 2005

InterContinental Hotels Group (IHG) has sold the Holiday Inn by Dublin Airport to private developers for £23.3m.

Adelphi Way Developments and Investments Ltd have bought the 248-bedroom hotel which was sold for close to its book value of £24m. This takes the number of properties sold under IHG's disposal programme to 126 hotels, with proceeds of approximately £1.8b.

An IGH spokesman said: "We continue to progress well with our asset disposal programme and this is a good value enhancing deal for the business."

IHG has 19 properties in USA, Australia, New Zealand, France, Belgium, Fiji and the UK still on the market with a net book value of approximately £370m.

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