1 September, 2008
IHG announces sale of Holiday Inn Jamaica
InterContinental Hotels Group PLC ("IHG") [LON: IHG; NYSE: IHG (ADRs)] announces the sale of the 524 room Jamaica Holiday Inn Sunspree Hotel to Octagon Hotels Group Limited for US$30 million, US$2 million in excess of net book value. The property, located in Montego Bay St. James, has been sold with a 10 year Holiday Inn franchise agreement.
The sale is a continuation of IHG's strategy of growing its management and franchise businesses and reducing asset ownership. Since 2003 IHG has disposed of 182 hotels globally with a net asset value of over £2.9bn, with proceeds in excess of net book value.
Richard Solomons, Finance Director and interim President, Americas, InterContinental Hotels Group, said: "There is still an appetite in the market for high quality hotels with a strong brand which offer a solid return on investment for property owners. In the current economic environment we are delighted to complete the sale of this hotel. It is testament to the strength of the brand that the hotel will continue to operate as a Holiday Inn, under a long term franchise agreement."
Media Affairs (Leslie McGibbon, Emma Corcoran):
Notes to Editors
Notes to Editors:
InterContinental Hotels Group (IHG) [LON:IHG, NYSE:IHG (ADRs)] is the world’s largest hotel group by number of rooms. IHG owns, manages, leases or franchises, through various subsidiaries, over 4,000 hotels and more than 590,000 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 39 million members worldwide.
IHG has more than 1,700 hotels in its development pipeline, which will create 150,000 jobs worldwide over the next few years.
InterContinental Hotels Group PLC is the Group’s holding company and is incorporated in Great Britain and registered in England and Wales.
IHG offers information and online reservations for all its hotel brands at www.ihg.com and information for the Priority Club Rewards programme at www.priorityclub.com. For the latest news from IHG, visit our online Press Office at www.ihg.com/media
Octagon Hotels Group Limited:
Octagon is owned by the Hendrickson family, who own a number of other business interests in Jamaica. The Jamaica Holiday Inn Resort hotel will be operated by the team led by Kevin Hendrickson.