InterContinental Hotels Group PLC
23 June 2005
23 June 2005
INTERCONTINENTAL HOTELS GROUP ANNOUNCES SALE OF
INTERCONTINENTAL THE GEORGE, EDINBURGH
InterContinental Hotels Group PLC ("IHG") today announces it has sold the
InterContinental The George, Edinburgh (195 rooms). The property will leave the
IHG system. The hotel will be operated as part of the Principal Hotels
portfolio.
IHG further announces that it has recently sold Brussels Europa SA, the owner of
the Crowne Plaza Brussels Europa (240 rooms), to Atenor Group SA. A Crowne
Plaza franchise agreement has been signed.
Combined proceeds before transaction costs were £34 million, approximately £4
million ahead of net book value.
Further transaction details
No tax charge arises and no cash tax is expected to be payable as a result of
either transaction.
Since Separation in April 2003, including today's announcement, IHG has
announced the disposal of 125 hotels with proceeds of approximately £1.8
billion. 20 properties remain on the market with a net book value of
approximately £390 million.
Disposals announced today:
2004 2003
£m £m
Revenue 12.3 11.9
EBITDA 2.5 2.1
EBIT 1.8 1.1
Hotels Rooms
InterContinental The George, Edinburgh 195
Crowne Plaza Brussels Europa 240
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,
more than 3,500 hotels and 535,000 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 IndigoTM, and
also manages the world's largest hotel loyalty programme, Priority Club(R)
Rewards, with over 24 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.priortyclub.com .
For the latest news from InterContinental Hotels Group, visit our online Press
Office at www.ihcplc.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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