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

InterContinental Hotels Group has completed the acquisition by Constellation Barclay Holding US, LLC, 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 19 December 2013. Since then, the joint venture has raised external debt, following which IHG has received total gross disposal proceeds in cash of $274m.