InterContinental has announced the sale of its latest flagship hotel, the InterContinental Hong Kong, for $938m to Supreme Key (at 22x EBIT), a consortium of investors. IHG had bought this 503-room five-star hotel in 2001 for £241m and it reported a $298m book value on the balance sheet in 2014. A cash deposit of $94m has been paid by Supreme Key to IHG while the remainder is set to be paid in cash on completion, expected in H2 15. The hotel will remain under IHG’s operation throu
17 Jul 2015
IHG disposes of its InterContinental Hong Kong for $938m
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IHG disposes of its InterContinental Hong Kong for $938m
InterContinental Hotels Group PLC (IHG:LON) | 8,030 -9475.4 (-1.5%) | Mkt Cap: 13,096m
- Published:
17 Jul 2015 -
Author:
Bérénice Lacroix -
Pages:
2
InterContinental has announced the sale of its latest flagship hotel, the InterContinental Hong Kong, for $938m to Supreme Key (at 22x EBIT), a consortium of investors. IHG had bought this 503-room five-star hotel in 2001 for £241m and it reported a $298m book value on the balance sheet in 2014. A cash deposit of $94m has been paid by Supreme Key to IHG while the remainder is set to be paid in cash on completion, expected in H2 15. The hotel will remain under IHG’s operation throu