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HomeHotels & LodgingInterContinental Hotels Group announces sale of Crowne Plaza United Nations&completion of UK Estate disposal

InterContinental Hotels Group announces sale of Crowne Plaza United Nations&completion of UK Estate disposal

InterContinental Hotels Group PLC (IHG) today announces it has agreed to sell its leasehold interest in the Crowne Plaza United Nations in New York to Halifax Holdings, Inc

InterContinental Hotels Group PLC (IHG) today announces it has agreed to sell its leasehold interest in the Crowne Plaza United Nations in New York to Halifax Holdings, Inc, an affiliate of Highgate Holdings, for $34 million, marginally in excess of net book value. Completion is expected to occur in the near future.



The Crowne Plaza United Nations (300 rooms) has been sold with a 10 year Crowne Plaza franchise agreement.



Completion of UK estate disposal



IHG further announces the legal completion on the disposal of 73 hotels being sold in the United Kingdom to LRG Acquisition Limited, a consortium comprising Lehman Brothers Real Estate Partners, GIC Real Estate and Realstar Group (LRG), the terms of which were announced on 10th March 2005.



Theodore Koumelis
Co-Founder & Managing Director - Travel Media Applications | Website

Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.

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