InterContinental Hotels Group PLC (IHG) today announces it has agreed to sell InterContinental London Park Lane (“the Hotel”) to Constellation Hotel (Opco) UK S.A., that’s an affiliate of Constellation Hotels Holding Limited, a center Eastern private investment group.  IHG’s leasehold interest within the Hotel was sold for gross cash proceeds of £301.5m ($457m*), 62% above 31 December 2012 net book value. IHG has secured a 30 year management contract at the Hotel, with three ten year extension rights at IHG’s discretion, giving an expected contract length of 60 years.  Management fees are expected to be approximately £4m ($6m*) each year. The Hotel was opened in 1975 as a purpose built InterContinental and was wholly owned by IHG since 1999.  The Hotel generated revenues of $89m, EBITDA of $39m and EBIT...
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InterContinental Hotels Group PLC (IHG) today announces it has agreed to sell InterContinental London Park Lane (“the Hotel”) to Constellation Hotel (Opco) UK S.A., that is an affiliate of Constellation Hotels Holding Limited, a center Eastern private investment group.  IHG’s leasehold interest within the Hotel have been sold for gross cash proceeds of £301.5m ($457m*), 62% above 31 December 2012 net book value. IHG has secured a 30 year management contract at the Hotel, with three ten year extension rights at IHG’s discretion, giving an expected contract length of 60 years.  Management fees are expected to be approximately £4m ($6m*) once a year. The Hotel was opened in 1975 as a purpose built InterContinental and was wholly owned by IHG since 1999.  The Hotel generated revenues of $89m, EBITDA of...
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