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InterContinental sells George and Crowne Plaza Brussels

23 June 2005
InterContinental sells George and Crowne Plaza Brussels

InterContinental Hotel Group (IHG) has sold the George Hotel in Edinburgh and the Crowne Plaza hotel in Brussels for a total of £34m.

The 195-bedroom George Hotel was sold to the Principal hotel group, becoming the sixth property in its portfolio.

IHG will not retain the management contract for the George, as it has done with the majority of its other recent transactions.

Portfolio has already spent £42m to upgrade its existing properties and plans to invest a further £12m upgrading the George to position it at the upper end of the four-star market.

Tony Troy, chief executive officer at Principal Hotels, said: "There could not be a better strategic fit than the George, in a key location in Edinburgh. We look forward to developing The George in its rightful position at the top end of the Edinburgh market."

IHG also announced the sale of the 240-bedroom Crowne Plaza Brussels Europa to the Atenor Group.

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