InterContinental approves the sale of IHG for USD938m
(MENAFN) InterContinental Hotels Group said it had agreed to sell InterContinental Hong Kong to a consortium of investors for USD938 million, Oman Observer reported.
The group also said that it may return some of the incomes to shareholders. It is being sold to Supreme Key Limited, a consortium of investors advised and managed by Gaw Capital Partners.
IHG said the sale of the hotel completed the disposals of its major owned assets.
Like some rivals, IHG has pursued an "asset-light" strategy of selling off its hotels and then managing them under contracts.
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