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 •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.