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April 3, 2011

IHG to Sell Two Hotels in US

IHG has announced its intention to sell two hotels in the US, the 121-room Staybridge Suites Denver Cherry Creek and the 143-room Holiday Inn Atlanta-Gwinnett Place, to Summit Hotel Properties for $17m. Following the transaction, IHG will continue to manage the Holiday Inn under a long

By cms admin

IHG has announced its intention to sell two hotels in the US, the 121-room Staybridge Suites Denver Cherry Creek and the 143-room Holiday Inn Atlanta-Gwinnett Place, to Summit Hotel Properties for $17m.

Following the transaction, IHG will continue to manage the Holiday Inn under a long-term management agreement and the Staybridge Suites will continue to operate under a long-term licence agreement with IHG.

IHG has released $5.6bn of capital through the sale of 185 owned hotels and the divestment of equity stakes.

The divestment reduces the IHG’s number of owned hotels to 13, with the flagship InterContinental New York Barclay currently on sale.

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