IHG Sells 80% Interest in InterContinental New York Barclay for $240 Million
Thursday December 19th, 2013 - 12:37PM B
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NEW YORK—InterContinental Hotels Group has agreed to sell an 80% interest in the InterContinental New York Barclay for some $240 million, according to StockMarketWire.com.
The report states that Constellation Barclay Holding US, a affiliate of Constellation Hotels Holding, will acquire the interest and subsequently own and renovate the hotel. The deal is part of a joint venture with IHG, which will hold the remaining 20% interest and has secured a 30-year management deal beginning in 2014.
Tags: InterContinental New York Barclay • acquisition • Hospitality • Brands •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.