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 •
The theme of this year’s ALIS conference was “Don’t Worry, Be Happy.” But, lets face it, there are always going to be some people who aren’t happy unless they are worried about something—whether it’s the Fed potentially raising interest rates or that the price of oil is now too low, threatening to cripple the economies of some foreign nations.