Hong kong IC For Sale

Discussion in 'IHG | Rewards Club/Ambassador' started by About Again, Nov 19, 2014.  |  Print Topic

  1. About Again

    About Again Gold Member

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    InterContinental Said to Seek $1 Billion in H.K. Sale
    By Vinicy Chan Nov 17, 2014 2:57 AM ET

    InterContinental Hotels Group Plc (IHG), owner of the Holiday Inn and Crowne Plaza brands, is seeking at least $1 billion from the sale of a Hong Kong hotel, people with knowledge of the matter said.

    The Denham, England-based company hired Jones Lang LaSalle Inc. (JLL) to find a buyer for the InterContinental Hong Kong Hotel, the people said. It aims to complete the sale by March, according to one of the people, who asked not to be identified as the details are private.

    InterContinental has been reducing its property holdings over the last decade to focus on operating hotels rather than owning them. The Hong Kong hotel’s revenue per available room, an industry measure of occupancy and rates, rose 5.4 percent in the third quarter on increased business from tour groups and corporate events, Chief Financial Officer Paul Edgecliffe-Johnson said on an Oct. 21 earnings call.

    The five-star property, located along the harborfront in the city’s Tsim Sha Tsui shopping district, has 503 rooms and Hong Kong’s largest presidential suite at 7,000 square feet, according to its website. It is home to Spoon byAlain Ducasse, a French eatery that has won two Michelin stars, and an outpost of Japanese chef Nobu Matsuhisa’s namesake restaurant.

    Carole Klein, a spokeswoman for InterContinental Hong Kong, declined to comment. Yvonne Liu, a Hong Kong-based spokeswoman for Jones Lang LaSalle, said she couldn’t immediately comment.

    The 17-story property, which opened in 1980 as the Regent Hong Kong hotel, was previously owned by Hong Kong billionaire Cheng Yu-tung’s New World Development Co. (17) New World sold the hotel in 2001 for 241 million pounds ($346 million).
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  2. Kalboz
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    Kalboz Gold Member

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    I thought the room rates were on sale! ;)
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  3. Seacarl
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    Seacarl Gold Member

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    That property deserves a 5-star flag instead of IC
    Kalboz likes this.
  4. jonspencer

    jonspencer Silver Member

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    the hotel business itself probably has marginal worth IMO :eek:

    somebody will pay the billion if they also have government approval to demolish the existing hotel and build a tower

    odd that they are presently in the middle of expanding the hotel?
    Kalboz likes this.

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