The Caterer
Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

IHG announces sale of Crowne Plaza Birmingham City

24 November 2005

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

Get your copy of Caterer and Hotelkeeper every week - click here to subscribe and save 25%.

Sudoku Join the craze and play Sudoku online!
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking