InterContinental Hotels Group (IHG) is selling 13 hotels to Hospitality Properties Trust for $425 million.
IHG will continue to manage almost all of the properties located in the US, Canada and Puerto Rico.
The 13 hotels, which include 3,946 rooms, are among the 20 IHG properties put on the market last July. The hotels include four Crowne Plaza hotels, four InterContinental hotels, three Holiday Inns and two Staybridge Suites.
IHG says it will use proceeds from the sale for “general corporate purposes.”
IHG recently named Andrew Cosslett chief executive of the company.
Report by David Wilkening
