Along with its 2013 and Q4 earnings report, IHG announced the sale of the 383-room InterContinental San Francisco Mark Hopkins to a joint venture between affiliates of Woodridge Capital Partners and funds managed by Oaktree Capital Management L.P. for US$120 million gross cash proceeds.
IHG, Denham, England, will continue to manage the hotel under a long-term management contract, while the new owners have agreed to invest approximately US$20 million to refurbish and reposition the hotel. IHG said the hotel generated revenues of US$42 million and EBIT of US$6 million in 2013 and had a net book value of US$90 million at December 31, 2013.
Over the last 12 months IHG has agreed to dispose of three owned InterContinental hotels, with total gross proceeds of almost US$830 million. - See more at: http://www.hotelsmag.com/Industry/News/Details/48227#sthash.nmJBnQ9M.dpuf
IHG, Denham, England, will continue to manage the hotel under a long-term management contract, while the new owners have agreed to invest approximately US$20 million to refurbish and reposition the hotel. IHG said the hotel generated revenues of US$42 million and EBIT of US$6 million in 2013 and had a net book value of US$90 million at December 31, 2013.
Over the last 12 months IHG has agreed to dispose of three owned InterContinental hotels, with total gross proceeds of almost US$830 million. - See more at: http://www.hotelsmag.com/Industry/News/Details/48227#sthash.nmJBnQ9M.dpuf