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LONDON-InterContinental Hotels Group plans to put a further euro 880 million ($1.1 billion) of hotels on the market. A statement from the group, which has sold or agreed to sell more than euro 1.45 billion ($4.04 billion) of hotel assets since its separation from hotel and brewing company Six Continents in April 2003, says it intended to dispose of all of its properties, except those that generate an “appropriate return on investment.”

IHG officials state that they would retain ownership of around euro 1.44 billion ($1.8 billion) of hotel assets, including InterContinental branded properties in London, New York, Hong Kong and Paris, and a small portfolio of other hotels across the globe. The next tranche of hotels to be put up for sale will principally be in Continental Europe.

So far this year IHG has sold 82 hotels for euro 1.77 billion ($2.2 billion). Disposals included a UK portfolio of 68 Holiday Inns, four Crowne Plazas and one Holiday Inn Express to LRG for euro 1.44 billion ($1.8 billion).

The group has also revealed the sale of its 438-key InterContinental Hotel in Paris to Dabicam SAS, a wholly owned subsidiary of the government of Singapore’s GIC Real Estate, for euro 315 million ($391 million). This is euro 65 million ($80 million) in excess of net book value. IHG will retain ownership of its flagship hotel in French capital, the 477-bedroom InterContinental Le Grand.

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