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IHG Completes Disposal of 80% Interest in InterContinental New York Barclay

Tuesday April 1st, 2014 - 10:23AM

NEW YORK—Constellation Barclay Holding US, LLC, has completed the acquisition of an 80% interest in a joint venture with IHG to own and refurbish InterContinental New York Barclay.

IHG will continue to manage the hotel under a long-term management contract. The terms of the transaction were announced on December 19, 2013. Since then, the joint venture has raised external debt, following which IHG has received total gross disposal proceeds in cash of $274 million.