IHG Announces Sale of InterContinental Mark Hopkins San Francisco for $120 Million

InterContinental Hotels Group PLC (IHG) [LON:IHG, NYSE:IHG (ADRs)] today announces the sale of the 383 room InterContinental San Francisco Mark Hopkins (the “Hotel”) to a joint venture between affiliates of Woodridge Capital Partners (“Woodridge”) and funds managed by Oaktree Capital Management L.P. (“Oaktree”) for $120m gross cash proceeds. IHG will continue to manage the Hotel under a long-term management contract.

The Hotel first opened in 1926 and became an InterContinental in 1973. IHG acquired the lessee interest in 1983 and subsequently acquired the freehold in 2010.  The new owners have agreed to invest approximately $20m to refurbish and reposition the hotel.

The sale is a continuation of IHG’s strategy to reduce the capital intensity of the business. Over the last 12 months IHG has agreed to dispose of three owned InterContinental hotels with total gross proceeds of almost $830m. The disposal of InterContinental London Park Lane completed in May 2013 and the disposal of an 80 per cent interest in InterContinental New York Barclay was announced in December 2013; this is expected to complete next month.

Paul Edgecliffe-Johnson, Chief Financial Officer of IHG commented, “Today’s announcement is yet another milestone for IHG, as we continue our asset light strategy. This demonstrates our ability to execute major asset deals and the enduring attractiveness of the InterContinental brand. We are delighted to have secured a long-term management contract on the Hotel with an experienced new owner and look forward to a successful partnership with them.”

Comments
All comments.
Comments

  1. downloadable mobile games

    Pretty nice post. I simply stumbled upon your blog and wanted to say that I
    have truly enjoyed browsing your blog posts.
    In any case I will be subscribing to your rss feed and I hope you write again soon!

  2. Glenna

    It contains the feature of atomic sync feature which self-sets enough time so that you are never
    late. This ultra shock-resistance derives from several layers of
    construction that work well to isolate and absorb the result of intense shocks,
    protecting the inner watch core. The power from your sun, as well as fluorescent lights, is collected in solar panels built into the
    timepiece face.

  3. business cash advance

    Howdy! Would you mind iif I share your blog
    with my twitter group? There’s a lot of foks that I think would really enjoy your content.
    Please let me know. Thanks

  4. plenty of fish dating site

    Hi there to all, since I am actually keen of reading this webpage’s post to be updated regularly.
    It includes fastidious information.

  5. for coconut oil

    Oh my goodness! Amazing article dude! Thank you, However I am going through difficulties with
    your RSS. I don’t know why I can’t subscribe to it.

    Is there anybody else having similar RSS issues? Anybody who knows the solution will you kindly
    respond? Thanks!!

  6. tinyurl.com

    Greetings from Florida! I’m bored at work so I decided to check out your website on my iphone during lunch break.
    I love the info you present here and can’t wait to take a look when I get home.

    I’m surprised at how fast your blog loaded on my mobile ..
    I’m not even using WIFI, just 3G .. Anyways, awesome blog!

  7. tinyurl.com

    Thankfulness to my father who told me concerning
    this web site, this weblog is truly remarkable.

  8. http://azizapublishing.com/

    Wow, beautiful portal. Thnx …|

  9. LeonardKic

    Thanks a lot for sharing this awesome web-site.

    http://it.musclemass.space/

  10. Hectorsnign

    http://fr.detoxyn.org/glutathione-detoxification/

    Really wanted to stress I’m lucky I happened on your page.

  11. Hectorsnign

    symptomenchecker longkanker

    I love the knowledge on your web sites. Thanks for your time.

  12. Hectorsnign

    http://fr.global-box.net/detoxification-naturelle-de-l-organisme/

    Particularly educational, look frontward to visiting again.

  13. Hectorsnign

    melatonin and detox

    Thanks extremely beneficial. Will certainly share site with my good friends.

  14. Herbertmor

    Really useful, look forward to visiting again. http://machinalansu.pl/striagen-ds/

  15. Herbertmor

    Thanks a ton for sharing this terrific webpage. http://machinalansu.pl/najlepszy-preparat-na-lysienie-i-wypadanie-wlosow/

  16. Herbertmor

    Keep up the helpful work and generating the crowd! http://baraita.net/loreal-paris-collagen-30/

  17. Herbertmor

    Your advice is quite helpful. http://zdravotnidesign.cz/collagen-select/

  18. Herbertmor

    I treasure the details on your websites. Much thanks. http://suplementaciones.com/varicorin/

  19. Herbertmor

    I benefit from perusing your websites. thnx! http://depresszio.eu/collagen-select/

  20. Herbertmor

    You’re a really practical site; could not make it without ya! http://zdravotnidesign.cz/spirulin-plus/

  21. StacyHeads

    Persist in the super livelihood and bringing in the party! phallosan forum

  22. StacyHeads

    The figures is measure fascinating. le sex de l homme

  23. StacyHeads

    Wow cuz this is nonpareil operation! Congrats and take care it up. http://nl.testosteron.space/testosteron-te-hoog/

  24. StacyHeads

    Thanks meant as a replacement for providing this sort out of good rationale matter.
    esercizi per aumentare la massa muscolare

  25. StacyHeads

    Greetings, meticulous website you’ve got at this dated there. testosteron vrouw verhogen

  26. Waynehaf

    You have got the a- sites. kreatin testosteron

  27. Waynehaf

    I like this situate – its so usefull and helpfull. http://fr.t-booster.org/muscle-testosterone/

  28. Waynehaf

    Thanks in point of fact useful. Will portion site with my friends. http://de.cgtribc.org/rohkost-entgiftung/

  29. Waynehaf

    Surely interesting….looking frontward to coming in return. http://es.testosteron.space/vitaminas-para-aumentar-testosterona/

  30. Waynehaf

    Eximious cobweb website! It looks truly first-rate! Say the bar fit in! http://nl.testosteron.space/testosteron-verhogen/

  31. Waynehaf

    Giant looking network locality. Ruminate over you did a healthy loads of your entirely own coding. problemi di erezione rimedi

  32. Waynehaf

    You’re an extremely healthful internet plat; couldn’t acquire it without ya! schindeles mineralien entgiftung

  33. Waynehaf

    You’ve gotten anybody of the most superbly web-sites. aumentare le dimensioni di una foto online

  34. Waynehaf

    Nice internet plot you acquire there. detox original afvallen

  35. Waynehaf

    Whoa such a of inestimable milieu. http://nl.testosteron.space/paranoten-testosteron/

  36. Waynehaf

    Hiya, to a great extent good net episode you be enduring got presently. http://speed-com.fr/interjeccion-que-expresa-un-deseo-vivo-de-que-se-realice-algo/

  37. Waynehaf

    Appreciate it on sharing this well put together web-site. http://newtargetgroup.it/esercizi-per-allargare-le-spalle-con-manubri/

  38. Waynehaf

    Inordinate looking spot. Think you did a cluster of your extraordinarily own html coding. fuĂźbad apfelessig entgiftung

  39. Waynehaf

    I adulate this place – its so usefull and helpfull. http://publica-pr.de/herbal-v-blue-erfahrung/

  40. Waynehaf

    hold responsible a masses in support of your internet site it helps a uncut numerous. pene italiano

  41. Waynehaf

    You’re a completely matter-of-fact locale; couldn’t make it without ya! spiergroei zonder eiwitten

  42. Waynehaf

    Passion the website– very particular euphonious and usually lots to take in! falta de testosterona en el hombre consecuencias

  43. Waynehaf

    Wow cuz this is smashing position! Congrats and take care it up. http://es.t-booster.org/aumentar-nivel-testosterona/