Investors buy HK hotel for US$983m
Print Edition
INTERCONTINENTAL Hotels Group said yesterday it had agreed to sell InterContinental Hong Kong to a consortium of investors for US$938 million and may return some of the proceeds to shareholders.
IHG, one of the world’s largest hoteliers, said it would retain a management contract on the hotel which has 503 guest rooms and is situated on the Kowloon waterfront with panoramic views of Victoria Harbour.
It is being sold to Supreme Key Limited, a consortium of investors advised and managed by Gaw Capital Partners, the real estate private equity fund management firm.
IHG said the sale of the hotel completed the disposals of its major owned assets. Like some rivals, IHG has pursued an “asset-light” strategy of selling off its hotels and then managing them under contracts.
It has now sold almost 200 hotels for gross proceeds of almost US$8 billion, helping it to return more than US$10 billion to shareholders.
“IHG had made it clear that the hotel was on the market,” analysts at Numis said. “This looks like a very acceptable price to us and the achieved price is some US$150 million above our expectation.”
Numis said it would anticipate a return to shareholders of around US$1.5 billion.
Supreme has paid a cash deposit to IHG of US$94 million, with the remaining proceeds payable in cash on completion, expected in the second half of 2015.
IHG said it will keep a 37-year management contract on the hotel, with three 10-year extensions, giving an expected 67 years.
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