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InterContinental continues hotels sell-off

17 December 2004 by

InterContinental has sold 13 hotels in the USA, Canada and Puerto Rico to real estate investment trust Hospitality Properties Trust (HPT) for $425m (£220m).

InterContinental will retain management contracts on the properties, which formed part of a package of 20 hotels that the group put on the market in July.

They consist of InterContintal-branded hotels in Toronto, Houston, San Juan and Austin, four Crowne Plaza hotels, three Holiday Inns and two Staybridge Suites properties.

The hotels have nearly 4,000 bedrooms between them.

InterContinental's management contracts are for an initial 25 years.

Since splitting its hotels and pub operations in April 2003, InterContinental has sold 43 hotels for a total of £569m.

A further 94 properties remain on the market, valued at £1.6b.

The group is rumoured to have received bids from four investors for its Holiday Inn portfolio in the UK, valued at £1b.

Leading bidders are thought to include property fund Whitehall (part of Goldman Sachs), venture capital group Blackstone, and investment bank Lehman Brothers.

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