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IHG Sells 80% Interest in InterContinental New York Barclay for $240 Million

Thursday December 19th, 2013 - 12:37PM

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.