IHG sells landmark hotel
Intercontinental Hotels Group today announced the sale of its third hotel in 12 months as it revealed revenue for last year was up 4% to $1,903 million.
The 383-room Intercontinental Mark Hopkins in San Francisco has been sold to a joint venture between Woodridge and funds managed by Oaktree Capital Management for $120 million, pushing the total proceeds from sales to $830 million.
IHG will continue to manage the hotel under a long-term contract.
In the year to December, the group opened 237 hotels. Its operating profit was up 10% to $668 million.
In a statement to the London Stock Exchange this morning, IHG said: "Looking into 2014, although economic conditions in some markets remain uncertain, forward bookings data is encouraging and we are confident that we will deliver another year of growth."
It has increased its ordinary dividend by 9%.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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