InterContinental Hotels Group has put a further 10 of its hotels, with a total of more than 2,000 bedrooms, up for sale.
The 10 hotels comprise the InterContinental Wellington in New Zealand, three Crowne Plazas and five Holiday Inns in Australia and a Holiday Inn in Fiji.
The decision to sell is a continuation of IHG’s strategy of increasing its management and franchise businesses and reducing asset ownership.
The strategy has, so far, resulted in the disposal of 121 hotels with a net book value of £1.77bn, realising £1.75bn of proceeds, with 106 of the hotels disposed being sold with a management or franchise contract.
In addition to the hotels sold to date, IHG said it was continuing to market 16 hotels already announced as being for sale, with a net book value of £360m.
References: EGi News 04/04/05
