InterContinental Hotels Group announces sale of Crowne Plaza Birmingham City
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InterContinental Hotels Group announces sale of Crowne Plaza Birmingham City
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Category: Europe
This is a press release selected by our editorial committee and published online for free on 2005-11-25
InterContinental Hotels Group PLC ("IHG") today announces it has sold its leasehold interest in the Crowne Plaza Birmingham City (284 rooms) to Centre Island Birmingham Limited for £24.4 million (before transaction costs), approximately £3m ahead of net book value.
The Crowne Plaza Birmingham City has been sold with a 20 year Crowne Plaza franchise agreement. Centre Island Birmingham is part of the Centre Island Hotels Group which is an existing IHG franchisee with six other properties in the UK, Crowne Plaza Liverpool, Holiday Inn Ashford North, Holiday Inn Ellesmere Port, Holiday Inn Liverpool City Centre, Holiday Inn Preston and Express by Holiday Inn Liverpool Albert Dock.
Further transaction details
1. No tax charge arises and no cash tax is expected to be payable as a result of this transaction.
Since Separation in April 2003, including today’s announcement, IHG has announced the disposal of 141 hotels with proceeds of approximately £2.3 billion. Three properties remain on the market.
Disposal announced today:
2004 2003
£m £m
Revenue 7.7 7.9
EBITDA 1.9 2.8
EBIT 1.4 2.1
Hotels Rooms
Crowne Plaza Birmingham City 284
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, almost 3,600 hotels and 539,000 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® Hotels & Resorts, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®,Staybridge Suites®, Candlewood Suites® and Hotel Indigo™, and also manages the world's largest hotel loyalty programme, Priority Club® Rewards, with over 27 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.priorityclub.com.
For the latest news from InterContinental Hotels Group, visit our online Press Office at www.ihgplc.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.
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