Owning hotels is an unnecessary luxury for remodelled IHG: A leading hotel group that includes the Holiday Inn chain 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.
10 Jul '15
Intercontinental Hotels has sold its five-star Hong Kong hotel for US$938m cash to a consortium of investors, but will retain a 37-year management contract on the building, with three 10-year extension rights. The sale of the 503-room hotel on the Kowloon waterfront, which has three Michelin-starred restaurants and a wide range of state-of-the-art meeting and banqueting facilities, "highlights the enduring appeal of InterContinental as one of the world's leading luxury hotel brands", said chief executive Richard Solomons.
24 Jun '15
U.K. hotel stay costs £76 more than in Europe: The cost of staying in a hotel in the U.K. for business travellers is £76 more expensive than in Europe, as the weakening euro makes a visit to the continent more appealing, a new study of released yesterday shows.
7 Jun '15
Reubens check in: Two billionaire brothers have taken control of the Grosvenor House in London and two other luxury hotels in New York through an $850 million (£550 million) debt deal.
30 Apr '15
Cheng family strikes $2.4 billion HK hotel deal with Abu Dhabi: Hong Kong’s Cheng family has teamed up with Abu Dhabi in a joint venture that values three of the territory’s prime hotels at $2.4 billion
24 Apr '15
Qatar buys Hotels
Qatar buys Claridge's from Barclay brothers Deal ends four years of litigation over control of group including The Berkeley and Connaught
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