Owning hotels is an unnecessary luxury for remodelled IHG
Saturday, July 11, 2015
(The Times by Dominic Walsh) – A leading hotel group that includes the Holiday Inn chain yesterday completed a 12-year journey from asset-heavy to asset-light by announcing the sale of its luxury InterContinental Hong Kong to a local investment consortium for $938 million.
The sale of the five-star hotel to Gaw Capital Partners means that, since IHG was demerged from Mitchells & Butlers in 2003, it has sold almost 200 hotels for a total of about $8 billion, using the proceeds to return $10.4 billion to shareholders.
