IHG Completes Sale Of Hong Kong Business

September 30, 2015

NewsStandOnline.Net (30-September-2015): InterContinental Hotels Group (IHG) has completed the sale of its Hong Kong business, it announced earlier today.

Supreme Key Limited, a consortium of investors advised and managed by Gaw Capital Partners, purchased InterContinental Hong Kong for $929m (£613m).

IHG Strikes $938m InterContinental Hong Kong Deal

As announced in July, the FTSE 100-listed company will continue to manage the hotel on a long-term basis with an initial 37-year management contract and three 10-year extension rights.

Management fees payable to IHG are initially expected to be approximately $8m (£5.27m) per year, but increasing following the hotel’s planned refurbishment.