InterContinental Hotels Group (IHG) has sold its Crowne Plaza American hotel in Amsterdam to The Eden Hotel Group, for €37m (£25m).
IHG said its proceeds from the sale of the 174-bedroom hotel which was equivalent to net book value – would be used for general corporate purposes.
The hotel will no longer be branded as an IHG hotel or operated by the company.
The sale is part of the hotel company’s strategy to dispose of its assets.
Since the group separated from pubs, restaurants and brewing business Mitchells & Butler in April 2003, IHG has sold or agreed to sell 48 hotels with proceeds of about £750m.
A further 89 properties remain on the market with a net book value of £1.5bn.
Investment bank Lehman Brothers is understood to be the frontrunner in the race to buy IHG’s £1bn UK hotel portfolio.
References: EGi News 04/03/05
