InterContinental Hotels Group (IHG) has sold its 33.3% interest in the Crowne Plaza London - The City to Grupo Statuto, an Italian real estate investor.
The hotel has been sold for gross proceeds of £81m, with IHG's net proceeds after debt repayments worth £18m, £11m in excess of net book value.
The 203-room property has been sold with a 17-year Crowne Plaza management agreement, with a five-year renewal option.
The management agreement will generate ongoing fees for IHG of more than £700,000 per year, IHG said.
Since April 2003, IHG has announced the disposal of 176 hotels with proceeds of approximately £3b
By Daniel Thomas
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