IHG Announces Plans to Sell Intercontinental London Park Lane

Intercontinental Hotels Group (IHG), the UK based hotel company and owner of brands that include InterContinental Hotels & Resorts, Hotel Indigo, Crowne Plaza Hotels & Resorts, Holiday Inn Hotels and Resorts, Holiday Inn Express, Staybridge Suites, and Candlewood Suites, is contemplating the sale of its Intercontinental London Park Lane property in the UK.

The company, which has recently released its interim results, will be looking for a buyer for its Park Lane property, which is one of two properties currently owned by the company in Europe. The hotel company is currently operating around 620 other hotels in Europe under lease or franchising agreements.

The company chief executive officer, Richard Solomon, said, ‘Intercontinental London Park Lane is likely to be the next major asset disposal, with a key milestone in the decision making process being the expected opening of Intercontinental London Westminster by early 2013.’

‘The disposal of InterContinental New York Barclay continues to progress’, said Solomon.

The Intercontinental London Park Lane hotel is currently offering 447 rooms and 60 suites, two restaurants and three bars and lounges, a health & fitness centre, hotel retail spaces and business services.

Earlier IHG had reported that its brand images for Holiday Inn and Holiday Inn Express have increased with business travellers, thanks to its role as the official hospitality partner for the 2012 Olympics.

The company’s interim results show that revenue in Europe has increased by 11.4 percent to £131.6m, in the first six months of 2012, compared to the same period in 2011, while operating profit has increased by £0.6m to £33m in the same period in 2012, compared to 2011.