IHG unloads Park Lane hotel in £302 million deal

Hotel News - 31/03/2013

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InterContinental Hotels Group (IHG) has sold the InterContinental London Park Lane hotel.

According to a Financial Times report published on Thursday, the flagship property was sold for some £302 million to a private investment group based in the Middle East. However, IHG will continue managing the property, as outlined in the agreement.

The unloading of the 447-bedroom hotel marks the latest major Middle Eastern investment in the UK’s travel, retail and hospitality industries. Qatari investors have recently acquired a 10 per cent stake in Heathrow airport in addition to the Harrods department store chain.

IHG officials said the firm chose to sell off the property in order to cut back on the amount of capital tied up into business projects.

Meanwhile, IHG has recently announced the development of a Holiday Inn Express property in downtown Oklahoma City, Oklahoma. The deal comes in cooperation with US partner NewcrestImage and the property will be built by local contractor Brightman Construction. The facility will offer 114 bedrooms is slated to open on East Main Street in the latter half of next year, according to reports.

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