Investments

InterConti sells 24 EU hotels for $352 mn

Bank Of America Investment InterContinental Hotels Group has sold a portfolio of 24 hotels (4,903 rooms) to a subsidiary of Westbridge Hospitality Fund LP.

Stand out among the crowd with this very flashy, very beautiful 18K pink gold rolo link chain. Goes with everything. Measures 16 inches long and 2.4 mm wide. This fine gold chain is also available in 18, 20, 24 and 30 inch lengths. See dropdown for additional pricing information. N3055927 pad 16 inches (+$352.00) 18 inches (+$388.00) 20 inches (+$440.00) 24 inches (+$544.00) 30 inches (+$672.00)

Investment Opportunity Westbridge is a hospitality investment fund managed by Westmont Hospitality, one of IHGs largest franchisees.

Ofgem is seeking an investigation to find out why other EU countries are not selling more gas to Britain, amid growing fears about dwindling supplies and hefty price increases.

Banc Of America Investment The portfolio has been sold for 352m (approximately 240m), marginally above net asset value.

Hotels in the Mall of America, MN area are listed below. Use the search tool to find the best available rate at these Mall of America, MN area hotels for your group or individual travel. We work with the best hotels in Mall of America, MN to save you an average of 21% on group hotel rates. >

Banking Investment Proceeds to IHG in cash and debt assumption are 345.2m (before transaction costs), with the balance of 6.8m relating to third party minority interests.

NCFL mission is to create a literate nation by leveraging the power of the family. www.famlit.org Buy any of the books below to support National Center for Family Literacy Aging Parents (352 titles) Aging(146) General(90) Retirement Planning(119) Eldercare(24) < >

Investment Solution Strategic The hotels have been sold to Westbridge with 15 year franchise contracts. Normalised franchise fees are expected to be approximately 4m per annum.

Offshore companies are proving a popular investment choice for Brits, according to research. Recent figures show that new EU states that joined last May have the most attractive regions in the union to invest in. The centre for economics and business research's (cebr) EU Regional Investment Index is dominated by the former communist countries in eastern Europe with Lithuania topping the list when ranked by country.

Investment Banking Services The hotels are located in Continental Europe and operate under the Crowne Plaza, Holiday Inn, and Express by Holiday Inn brands. The transaction is expected to complete in the second quarter of 2006.

Bank Investment The hotels generated revenues of 140m, EBITDA of 28m and EBIT of 11m in 2005.

Alternative Investment These disposals represent a continuation of IHGs strategy to grow its managed and franchised business and reduce asset ownership. Since separation in April 2003, IHG has disposed of, or is in the process of disposing of, 175 hotels with a net asset value of more than 2.8bn.

Online Investment Services Aggregate proceeds received to date have been above net asset value. IHG has announced the return of 2.75bn to shareholders, of which 2.0bn has already been completed. Proceeds received from the disposal will be used for investment, returns to shareholders, or managing IHGs debt position.

Accompany Essential Investment Andrew Cosslett, Chief Executive of IHG, commented:

Investment Company "This deal is another significant step in the transformation of IHG. As we focus on managing and franchising hotels, it is essential that we continue to develop our relationships with key partners on a global basis. Westmont Hospitality is one of IHGs largest franchisees, and we are delighted to extend our strong relationship with them."

[ Comment, Edit or Article Submission ]