InterContinental seeks buyers for a further 20 owned hotels

19 July 2004
InterContinental seeks buyers for a further 20 owned hotels

Hotel giant InterContinental has put up for sale a further 20 of its owned hotels with a collective value of more than £500m.

The group would not go into detail on the properties but said they were predominately in North America and included the 641-bedroom InterContinental Miami and the 807-bedroom InterContinental Chicago.

It added that some Crowne Plaza and Holiday Inn properties were also included in the tranche.

Since the group's demerger in April 2003, InterContinental has sold a total of 28 hotels, generating proceeds of more than £320m. This latest portfolio, which is being marketed by Jones Lang LaSalle and Plasencia, has a market value of £512m.

InterContinental said it would provide an update on the sales and potential further disposals with its interim results on 9 September.

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