InterContinental Hotels Group (IHG) announced on Tuesday plans to sell seven European hotels, continuing its policy of asset disposal to concentrate on management and franchising.
The seven comprise the InterContinental Amstel Amsterdam, InterContinental Budapest, InterContinental Carlton Cannes, InterContinental De La Ville Rome, InterContinental Frankfurt, InterContinental Madrid and the InterContinental Vienna.
The group said it also intended to sell some mid-range European hotels which it expected to remain under the IHG brand.
The two hotels portfolios were worth about £600-million pounds ($1,064-billion).
It is expected that, as with previous portfolio disposals, it will take up to nine months to complete the process.
After completion of the disposals announced on Tuesday, IHG will have sold off 176 hotels with a net asset value of more than £2,8-billion, since the start of 2004. – Sapa-AFP