SECURITIES AND EXCHANGE COMMISSION
Washington DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 AND 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For 27 May 2005
InterContinental Hotels Group PLC
(Registrant's name)
67 Alma Road, Windsor, Berkshire, SL4 3HD, England
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F Form 40-F
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable
EXHIBIT INDEX
Exhibit Number | Exhibit Description | ||||
99.1 |
Disposal dated 25 May 2005 |
99.1
25 May 2005
INTERCONTINENTAL HOTELS GROUP ANNOUNCES SALE OF
CROWNE PLAZA UNITED NATIONS AND COMPLETION OF UK ESTATE DISPOSAL
Sale of Crowne Plaza United Nations
InterContinental Hotels Group PLC ("IHG") today announces it has agreed to sell
its leasehold interest in the Crowne Plaza United Nations in New York to Halifax
Holdings, Inc, an affiliate of Highgate Holdings, for $34 million, marginally in
excess of net book value. Completion is expected to occur in the near future.
The Crowne Plaza United Nations (300 rooms) has been sold with a 10 year Crowne
Plaza franchise agreement.
Completion of UK estate disposal
IHG further announces the legal completion on the disposal of 73 hotels being
sold in the United Kingdom to LRG Acquisition Limited, a consortium comprising
Lehman Brothers Real Estate Partners, GIC Real Estate and Realstar Group
("LRG"), the terms of which were announced on 10th March 2005.
£960 million disposal proceeds have been received in cash, with an additional
£40 million to be received subject to meeting performance targets over the next
3 years.
Further transaction details
Since Separation in April 2003, including today's announcement, IHG has
announced the disposal of 123 hotels with proceeds of approximately £1.8
billion. 22 properties remain on the market with a net book value of £420
million.
Crowne Plaza United Nations disposal announced today:
2004 | 2003 | ||||
$m | $m | ||||
Revenue | 18.9 | 16.0 | |||
EBITDA | 3.2 | 1.2 | |||
EBIT | 1.4 | (1.1) |
Hotel |
Rooms | ||
Crowne Plaza United Nations | 300 |
A list of IHG's owned and leased properties detailing those disposed of, on the
market and not on the market is available at http://www.ihgplc.com/investors
For further information, please contact:
Investor Relations (Gavin Flynn, Paul Edgecliffe-Johnson): | +44 (0) 1753 410 176 | ||
+44 (0) 7808 098 972 | |||
Media Enquiries (Leslie McGibbon): | +44 (0) 1753 410 425 | ||
+44 (0) 7808 094 471 |
Notes to Editors
InterContinental Hotels Group PLC of the United Kingdom (LON:IHG, NYSE:IHG
(ADRs)) is the world's largest hotel group by number of rooms. InterContinental
Hotels Group owns, manages, leases or franchises, through various subsidiaries,
more than 3,500 hotels and 534,000 guest rooms in nearly 100 countries and
territories around the world. The Group owns a portfolio of well recognised and
respected hotel brands including InterContinental® Hotels & Resorts, Crowne
Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn
Express®, Staybridge Suites®, Candlewood Suites® and Hotel IndigoTM, and
also manages the world's largest hotel loyalty programme, Priority Club®
Rewards, with 23.7 million members worldwide. In addition to this,
InterContinental Hotels Group has a 47.5% interest in Britvic, one of the two
leading manufacturers of soft drinks, by value and volume, in Great Britain.
InterContinental Hotels Group offers information and online reservations for all
its hotel brands at www.ichotelsgroup.com and information for the Priority Club
Rewards programme at www.priorityclub.com.
For the latest news from InterContinental Hotels Group, visit our online Press
Office at www.ihgplc.com/media.
High resolution images to accompany this announcement are available for the
media to download free of charge from
www.vismedia.co.uk . This includes profile
shots of the key executives
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
InterContinental Hotels Group PLC | ||
(Registrant) | ||
By: | /s/ C. Cox | |
Name: | C. COX | |
Title: | COMPANY SECRETARIAL OFFICER | |
Date: | 27 May 2005 | |