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.

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