InterContinental Hotels Group PLC
17 February 2005
INTERCONTINENTAL HOTELS GROUP PLC
LEGAL COMPLETION ON SALE OF 12 HOTELS IN THE AMERICAS
InterContinental Hotels Group PLC ("IHG") announces the legal completion on the
disposal of 12 of the 13 hotels being sold in the Americas to Hospitality
Properties Trust ("HPT"), the terms of which were announced on 17th December
2004.
$395 million of net disposal proceeds relating to the 12 hotels disposed of have
been received. Legal completion on the disposal of the remaining hotel, the
InterContinental Austin, Texas, is due to occur in May 2005 to meet certain tax
requirements, at which time a further $30 million of disposal proceeds are
expected to be received. IHG will receive an additional $25m in instalments over
the next three years for future capital expenditure on the properties being
disposed of.
For further information, please contact:
Investor Relations (Gavin Flynn/Paul Edgecliffe-Johnson) +44 (0) 1753 410 176
Media Affairs (Leslie McGibbon) +44 (0) 1753 410 425
Notes to Editors
InterContinental Hotels Group PLC of the United Kingdom (LON:IHG, NYSE:IHG
(ADRs)) is the world's most global hotel company and the largest by number of
rooms. InterContinental Hotels Group franchises, manages, leases or owns,
through various subsidiaries, more than 3,500 hotels and 536,000 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 program, Priority Club(R) Rewards, with more than 23 million
members worldwide. In addition to this, InterContinental Hotels Group has a
controlling interest in Britvic, the second largest soft drinks manufacturer in
the UK.
For the latest news from InterContinental Hotels Group, visit our online Press
Office at www.ihgplc.com/media
This information is provided by RNS
The company news service from the London Stock Exchange QDLBFELBEBBF
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