InterContinental Hotels Group PLC
24 November 2005
24 November 2005
INTERCONTINENTAL HOTELS GROUP ANNOUNCES SALE OF
CROWNE PLAZA BIRMINGHAM CITY
InterContinental Hotels Group PLC ("IHG") today announces it has sold its
leasehold interest in the Crowne Plaza Birmingham City (284 rooms) to Centre
Island Birmingham Limited for £24.4 million (before transaction costs),
approximately £3m ahead of net book value.
The Crowne Plaza Birmingham City has been sold with a 20 year Crowne Plaza
franchise agreement. Centre Island Birmingham is part of the Centre Island
Hotels Group which is an existing IHG franchisee with six other properties in
the UK, 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.
Further transaction details
1. No tax charge arises and no cash tax is expected to be payable as a result of
this transaction.
Since Separation in April 2003, including today's announcement, IHG has
announced the disposal of 141 hotels with proceeds of approximately £2.3
billion. Three properties remain on the market.
Disposal announced today:
2004 2003
£m £m
Revenue 7.7 7.9
EBITDA 1.9 2.8
EBIT 1.4 2.1
Hotels Rooms
Crowne Plaza Birmingham City 284
A list of IHG's owned and leased properties detailing those disposed of, on the
market and not on the market is available at http://www.ihgplc.com/investors
For further information, please contact:
Investor Relations (Gavin Flynn, Paul Edgecliffe-Johnson): +44 (0) 1753 410 176
+44 (0) 7808 098 972
Media Enquiries (Leslie McGibbon): +44 (0) 1753 410 425
+44 (0) 7808 094 471
Notes to Editors
InterContinental Hotels Group PLC of the United Kingdom (LON:IHG, NYSE:IHG
(ADRs)) is the world's largest hotel group by number of rooms. InterContinental
Hotels Group owns, manages, leases or franchises, through various subsidiaries,
almost 3,600 hotels and 539,000 guest rooms in nearly 100 countries and
territories around the world. The Group owns a portfolio of well recognised and
respected hotel brands including InterContinental(R) Hotels & Resorts, Crowne
Plaza(R) Hotels & Resorts, Holiday Inn(R) Hotels and Resorts, Holiday Inn
Express(R), Staybridge Suites(R), Candlewood Suites(R) and Hotel Indigo(TM), and
also manages the world's largest hotel loyalty programme, Priority Club(R)
Rewards, with over 27 million members worldwide. In addition to this,
InterContinental Hotels Group has a 47.5% interest in Britvic, one of the two
leading manufacturers of soft drinks, by value and volume, in Great Britain.
InterContinental Hotels Group offers information and online reservations for all
its hotel brands at www.ichotelsgroup.com and information for the Priority Club
Rewards programme at www.priorityclub.com.
For the latest news from InterContinental Hotels Group, visit our online Press
Office at www.ihgplc.com/media.
High resolution images to accompany this announcement are available for the
media to download free of charge from www.vismedia.co.uk . This includes profile
shots of the key executives.
This information is provided by RNS
The company news service from the London Stock Exchange
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