Supreme Key Limited to Purchase InterContinental Hong Kong for $938 million

IHG (InterContinental Hotels Group) | July 10, 2015

July 10, 2015 - InterContinental Hotels Group PLC [LON:IHG, NYSE:IHG (ADRs)] today announces that it has agreed to sell IHG's ownership interest in InterContinental Hong Kong (the "Hotel") to Supreme Key Limited, a consortium of investors advised and managed by Gaw Capital Partners (the "Buyer"), for a gross purchase price of US$938m. The Buyer has paid a cash deposit to IHG of $94m, with the remaining proceeds payable in cash on completion. The Buyer has made a further commitment to invest in a significant refurbishment of the Hotel. This is expected to commence in 2017 and will take place over a period of approximately 18 months. IHG ...