Intercontinental Hotels Group continued its wide-ranging asset disposal programme yesterday when it sold 13 of its North American properties for £220m.
The group sold the hotels, which include the Houston InterContinental, for net book value to Hospitality Properties Trust, a property group.
IHG will retain the management contracts on the hotels and expects to complete the transaction in the first quarter of 2005.
References: Financial Times Money & Business 18/12/04 page 4, Daily Telegraph 18/12/04 page 29, The Independent 18/12/04 page 52
