New buyer revives Paris sale

19 August 2005
New buyer revives Paris sale

A new buyer for the InterContinental hotel in Paris has been found, Caterer has learnt.

The sale of the InterContinental Hotel Group (IHG) property is back on track with a new buyer, after the Crown Prince of Dubai, Sheikh Mohammed Al Maktoum, pulled out of the deal in June.

Interest from previous bidders, such as Syrian investor Simon Halabi, Starwood Capital and Buckingham Securities, was reignited after the deal's collapse. The new buyer is likely to be among these.

The building is expected to fetch around €300m (£206m), and the sale is expected to be finalised within the next month.

The management contract for the hotel is also believed to be up for grabs, as IHG already owns a flagship property in Paris. Industry sources have predicted that Westin Hotels, part of Starwood Hotels and Resorts, will win the contract.

Last week, IHG also sold the 248-bedroom Holiday Inn by Dublin Airport to private developer Adelphi Way Developments and Investments for 23.3m. An IHG spokesman said: "We continue to progress well with our asset disposal programme."

The Dublin deal takes the number of hotels sold under IHG's disposal plan to 126, with proceeds in the region of £1.8b.

IHG has 19 properties still on the market worldwide, with a net book value around £370m.

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