Birmingham City's Crowne Plaza hotel has been sold for £24.4m by InterContinental Hotels Group (IHG) today.
IHG sold the leasehold of the 284-bedroom property with a 20-year Crowne Plaza franchise agreement to Centre Island Birmingham (CIB).
The property will now undergo a major refurbishment programme to keep it in-line with IHG's standards for Crowne Plaza branded properties.
The deal, which was handled by property agents Christie and Co, is believed to be £3m over the property's net book value.
Speculation is now mounting that IHG will continue its asset disposal programme by putting a £600m European portfolio on the market.
Andrew Cosslett, IHG's chief executive said: "Most of the assets we have left to sell are in Europe. We will be looking to sell them as soon as we can and are evaluating the options at the moment."
CIB is an existing franchisee of IHG and has six other properties in the UK: the Crowne Plaza Liverpool; Holiday Inn Ashford North; Holiday Inn Ellesmere Port; Holiday Inn Liverpool City Centre; Holiday Inn Preston and Express by Holiday Inn Liverpool Albert Dock.
by Emily Manson
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