IHG to sell Intercontinental London Park Lane

Intercontinental Hotels Group (IHG) is making plans to sell its Intercontinental London Park Lane property.

IHG to sell Intercontinental London park Lane
IHG to sell Intercontinental London park Lane

In its interim results announced today (7 August), IHG revealed plans to sell its Park Lane property.

IHG chief executive Richard Solomons said: "Intercontinental London Park Lane is likely to be the next major asset disposal, with a key milestone in the decision making process being the expected opening of Intercontinental London Westminster by early 2013."

The Park Lane hotel has 13 meeting rooms, including a ballroom for up to 1,000 delegates.

Asset light strategy

The hotels group is also in ongoing discussions over the sale of its New York Barclay property, as part of its "asset light strategy", added Solomons.

In Europe, IHG has 622 hotels, of which only two are owned and leased, including the 507-room Intercontinental London Park Lane. The rest are managed or franchised properties, in line with the company's global policy. Across the world, only ten IHG properties are owned by the company.

Operating profit

IHG's interim results show that in Europe, revenue increased by 11.4% to $206m (£131.6m), in the first six months of 2012. Operating profit was up $1m (£0.6m) to $52m (£33m) in the same period.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Register now
Already registered?
Sign in
London calling: A look at what's new and forthcoming in the capital

London calling: A look at what's new and forthcoming in the capital

Hotels, venues and activities that should be on your radar for future London-based events.

Double acquisition for Gray Dawes Group

Double acquisition for Gray Dawes Group

Acquisitions include INC. Travel Group's corporate and marine businesses and the purchase of VIP Leisure Travel Ltd.

Love is in the air for one in seven event attendees, report claims

Love is in the air for one in seven event attendees, report claims

Research by Cvent and Edelman Intelligence finds 14% have met a significant other at a B2B event.

The advantages of being a second tier city

The advantages of being a second tier city

There are benefits to not being the capital, says Bas Schot, head of congresses and events at the Hague Convention Bureau.

What to do if a disgruntled event attendee threatens legal action

What to do if a disgruntled event attendee threatens legal action

Keystone Law's James O'Flinn discusses your options and how to prevent this happening in the first place.

Speakers announced for C&IT Northern Forum

Speakers announced for C&IT Northern Forum

New event takes place between 25-26 April at ACC Liverpool, with inspiring sessions from industry leaders.

Why personalisation is the key to measuring an event's success

Why personalisation is the key to measuring an event's success

Mike Leeson, general manager Europe at ETM, explains why ROE may be a better measurement than ROI.

Oman to welcome IGRC in 2020

Oman to welcome IGRC in 2020

Sultanate to host the International Gas Union's 16th International Gas Research Conference at the Oman Convention & Exhibition Centre.

Events company faces legal action from makers of video game Fortnite

Events company faces legal action from makers of video game Fortnite

Epic Games issues claim against Exciting Events after widely criticised event in Norwich.

Diary of a delegate: Beautiful Bergen

Diary of a delegate: Beautiful Bergen

A three-day account of the C&IT A-List FAM trip, in partnership with Visit Norway.

LATEST JOBS